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Meme Coin Buyer Scoops Up $10 Million in Shiba Inu (SHIB)

2 mins
Updated by Harsh Notariya
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In Brief

  • A crypto whale bought $10 million worth of Shiba Inu (SHIB) tokens, highlighting interest in meme coins.
  • Crypto wallets 0x520, and 0x913 are linked to early investors 0x761, hinting at a coordinated strategy.
  • Institutional meme coin investments surged 226% from February to March 2024, reaching $293.7 million.
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A well-known meme coin enthusiast recently acquired a substantial amount of Shiba Inu (SHIB) tokens. This purchase, valued at approximately $10 million, highlights a significant investment trend within the volatile meme coin market.

Lately, crypto whales and institutions have shown significant interest in the meme coin sector.

Crypto Whale Wallets Share Connection With an Early Shiba Inu Investor

According to the latest data from Spot On Chain, 0x520 swapped 1,593 Wrapped Ethereum (WETH) for 234.136 billion SHIB. Through this exchange, the crypto whale purchased Shiba Inu, worth $6.07 million, at an average price of $0.00002593.

Notably, 0x520 is linked to other crypto wallets, specifically an early buyer – 0x761 and 0x913, who are also engaged in substantial SHIB transactions.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

The investor, 0x761, initially acquired 5.16 trillion tokens in March 2021 for just 45 Ethereum (ETH), which was then worth $63,700. Subsequently, 165.36 billion SHIB tokens were transferred from 0x761 to 0x520, and these assets were later sold in October 2021 for a hefty profit.

Also today, 0x913 swapped 1,000 WETH worth $3.83 million for 149.3 billion SHIB. Similar to 0x520, in 2021, 0x913 also received SHIB tokens from the original investor – 0x761.

These strategic moves by the crypto wallet trio suggest a potential coordinated strategy or shared ownership. Consequently, the collective activity of these crypto wallets today represents nearly $10 million in SHIB purchases.

That said, the price of Shiba Inu has seen an 8.45% increase in the past 24 hours.

Shiba Inu (SHIB) Price Performance
Shiba Inu (SHIB) Price Performance. Source: BeInCrypto

Furthermore, institutional interest in meme coins has been escalating. According to a recent Bybit report, institutional investments in meme coins surged by 226% from February to March 2024, reaching a high of $293.7 million. Although there was a subsequent sell-off later, the initial investment spike reflects a growing institutional appetite for these speculative digital assets.

Read more: How to Buy Book Of Meme (BOME) And Everything Else To Know

Additionally, on Tuesday, DWF Labs, a prominent Web3 market maker, committed substantial funds to both Floki and Milady Meme Coins (LADYS). This includes a strategic $12 million investment in FLOKI tokens and a $5 million backing of LADYS. DWF Labs’ investments also highlight the institutional interest in meme coins.

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Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...