A crypto venture firm has snapped up billions of Shiba Inu (SHIB) tokens during a massive multimillion-dollar accumulation spree.
New data from blockchain search engine Etherscan reveals that Chicago-based trading firm Jump Trading has seen its trove of SHIB grow exponentially from 250,000 on February 4th to just over 130.7 billion at time of writing.
The acquisition of the dog-themed meme token means that Jump Trading, known for being one of the smallest hedge funds, now has about $1.7 million worth of SHIB. Overall, the platform has about $150 million in assets under its management, according to its latest earnings report.
However, the report also states that Jump Trading may have an even larger portfolio than disclosed as it may have assets that aren’t publicly disclosed, such as cash or real estate.
The hedge fund’s accumulation spree comes as Shiba Inu sees a decrease in price. The Dogecoin (DOGE) competitor has dipped about 4% during the last 24 hours as it continued to slide down from its seven-day high of $0.000015 to its current price of $0.000013.
Recently, crypto analytics platform Santiment reported that whale activity centered around Shiba Inu has been ramping up in 2023 as it has become the second-largest altcoin holding among Ethereum (ETH) whales.
According to Santiment, the 5,000 biggest ETH whales in the world now collectively hold a massive 50,905,707,716,073 SHIB worth just over $735,000,000.
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Featured Image: Shutterstock/Ralf Juergen Kraft/WindAwake
Source: https://dailyhodl.com/2023/02/09/crypto-venture-firm-acquires-130722306727-shiba-inu-shib-in-massive-accumulation-spree/