Smart money flows into SHIB and other tokens, Wintermute and liquidity providers lead investments.
Wealthy investors acquired nearly $6 million worth of the meme currency SHIB within the past day, as per data from on-chain analytics firm Nansen. The sole ERC-20 token witnessing a higher influx of smart money during this timeframe was Wrapped Bitcoin (WBTC), with investments exceeding $9 million.
The most substantial purchase originated from an address linked to Wintermute, amassing approximately $3.3 million within the last 24 hours. Wintermute's recent significant daily acquisition of a meme coin was $1.8 million in PEPE. Subsequently, the value of this token, inspired by the famous green frog meme, surged by 160%. The market maker has initiated the distribution of its token reserves across various centralized exchanges.
Another address commencing with 0x86b procured $2 million worth of SHIB in the preceding 24 hours. Nansen identifies this wallet as a "Smart Liquidity Provider," denoting the most lucrative investors extracting liquidity from Uniswap v2 and similar platforms.
Several other tokens witnessed substantial accumulation within the past day, including eETH, LINK, and RNDR. A solitary wallet acquired over $2 million of Ether.fi's liquid staking token eETH within the last 24 hours. Concurrently, Wintermute's trading wallet facilitated the acquisition of $2.5 million worth of LINK.
RNDR, the native token of a protocol offering decentralized GPU-based rendering solutions, attracted over $1.6 million in smart money between Feb. 27 and 28.