Major Whale Scoops Up $10 Million in Shiba Inu (SHIB) – Is Meme Coin Mania Back?

A major player in the meme coin world just made waves by purchasing a whopping $10 million worth of Shiba Inu (SHIB). This significant investment marks a growing trend of high-stakes moves in the volatile meme coin market.

Recent data from Spot On Chain reveals that the wallet 0x520 exchanged 1,593 Wrapped Ethereum (WETH) for 234.136 billion SHIB, valued at $6.07 million at an average price of $0.00002593. Interestingly, this wallet is tied to other major SHIB players: 0x761 and 0x913.

- 0x761: Acquired 5.16 trillion SHIB in March 2021 for just 45 Ethereum ($63,700). Later transferred 165.36 billion SHIB to 0x520, sold in October 2021 for a substantial profit.

- 0x913: Swapped 1,000 WETH for 149.3 billion SHIB ($3.83 million) today and previously received SHIB from 0x761 in 2021.

These coordinated purchases highlight a possible strategy or shared ownership among these wallets, driving nearly $10 million in SHIB acquisitions today. Consequently, SHIB's price surged by 8.45% in the past 24 hours.

Institutional interest in meme coins is also on the rise. A Bybit report noted a 226% increase in institutional investments in meme coins from February to March 2024, peaking at $293.7 million. Though a sell-off followed, the initial spike underscores a growing appetite for these speculative assets.

Adding to the momentum, DWF Labs, a prominent Web3 market maker, recently invested $12 million in Floki (FLOKI) and $5 million in Milady Meme Coins (LADYS). These moves reflect the increasing attention and investment in the meme coin sector.

Why This Matters

- Big Moves: The substantial investments by major crypto wallets indicate a renewed interest in meme coins.

- Market Impact: The recent surge in SHIB's price and other meme coins shows potential for high gains.

- Institutional Backing: With notable investments from big players like DWF Labs, meme coins are gaining credibility.

Beware of Whale manipulation!
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