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Sophisticated investors, also described as “smart money”, are buying Shiba Inu (SHIB), the most popular altcoin project of recent times, according to the latest data. The data shows that the purchases coincide with the rallies of the cryptocurrency this week. Meanwhile, a crypto whale bought 276.6 billion SHIB on Monday for approximately $11.5 million.

Smart money flows to popular altcoin Shiba Inu

More sophisticated cryptocurrency traders are likely responsible for SHIB’s recent massive rally, data from blockchain data firm Nansen shows. According to Nansen, traders with addresses in so-called “smart money” have purchased around $160 million worth of Shiba Inu (SHIB) since the start of the week. During that time, the coin surged more than 160 percent and battled its rival, Dogecoin, for a spot on the top 10 list of cryptocurrencies.

The data said these “smart money” addresses refer to cryptocurrency traders who have earned more than $100,000 by mining and providing liquidity on DeFi protocols. Santiment, another crypto data company, has found that the number of Shiba Inu coin transactions worth at least $1 million has increased since the beginning of October. According to the reported data, the increases in these cryptocurrency whale transactions corresponded to the price increases of the cryptocurrency.

Whale buys millions of dollars worth of SHIB

Meanwhile, Cryptocoin. com, according to data from WhaleStats; On Monday evening alone, an anonymous cryptocurrency whale bought 276.6 billion SHIB for approximately $11.5 million. According to transactions, the total assets of this major investor are around $36.5 billion SHIB. This equates to about $15 million.

Shiba Inu (SHIB) entered the top 10 cryptocurrencies with its market capitalization and surpassed Dogecoin in the saadollar series yesterday evening. A few hours later, however, DOGE regained the upper hand. SHIB currently has a market capitalization of $34 billion. The coin broke its latest record in the morning hours, reaching $0.000086. Individual investors are also turning to the coin as several Shiba Inu hashtags like #SHIBarmy are trending on Twitter on Wednesday.


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