MakerDAO founder Rune Christensen has continued to accumulate billions of Shiba Inu following the stellar performance showcased by SHIB and other top memecoins in recent weeks.
SpotonChain data showed the founder of the longstanding Ethereum-based decentralized autonomous organization and lending protocol now holds 25 billion SHIB tokens.
Worth $826K at the time of writing, Shiba Inu is the second-most held token in Christensen’s tracked wallet address. Other crypto assets contained in the address include 425K LDO, 675.7K USDC, 18.9K DAI and 4.076 ETH.
According to SpotonChain, the MakerDAO founder bought SHIB for the first time on March 2, 2024, swapping 100K USDC for 7.41 billion Shiba Inu tokens. As interest in the second-largest decentralized memecoin continued to surge, Christensen grabbed an additional 17.63 billion SHIB on Monday in two transactions.
200K USDC was swapped for 8.902 SHIB in the first transaction, while 8.728 SHIB was accumulated with another 200K USDC in his second purchase.
SHIB Posts Nearly 300% Gains in 30 Days
The rising accumulation and growing interest in SHIB has greatly skyrocketed Shiba Inu’s price and its market cap. Remarkably, the canine-themed token has jumped over 280% in the last 30 days and more than 240% in the past seven days.
Trading for $0.00003519 per token at press time, Shiba Inu surpassed $21 billion in terms of market cap on Tuesday, a valuation last reached in December 2021. The stunning growth has made Shiba Inu the 11th-largest cryptocurrency by market capitalization as of March 5.
While this positive development and the escalating number of non-zero Shiba Inu addresses connote bullish tendencies for the crypto asset, SHIB investors may need to be cautious in case of a market correction as Bitcoin (BTC) nears its all-time high of $69,000.
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