In the past 7 days, the world’s second-largest meme coin, Shiba Inu (SHIB), has captured investors’ attention due to its remarkable 170% price surge. However, today on March 4, 2024, the on-chain analytics firm SpotOnChain recently posted on X (formerly Twitter) that before SHIB experienced this substantial price increase, Rune Christensen, the founder of MakerDAO, acquired a significant quantity of SHIB tokens.
MakerDAO founder strategic SHIB purchase
According to the data shared by SpotOnChain on X, Rune’s initial purchase of 7.41 billion SHIB, valued at approximately 100K USDC, occurred on March 1, 2024. Following this substantial acquisition, SHIB witnessed a surge of over 60%. A similar circumstance was observed 12 hours ago, as SHIB’s price skyrocketed by more than 70% in the morning after Rune purchased 17.62 billion tokens for 400K USDC.
In the morning, SHIB experienced a massive surge of over 70%. Currently, the overall crypto market is undergoing a slight price correction, and in the last 24 hours, SHIB has gained only 17%. Presently, SHIB is trading near $0.00002613, showing over 17% upside momentum in the last 24 hours.
Reviewing SHIB’s performance over a more extended period, in the last 7 days, its price has experienced a significant 175% upside momentum. Over the last 30 days, SHIB’s price has surged by over 190%. Additionally, other meme tokens have also witnessed a substantial price surge, with the trading volume of these tokens soaring by over 3000% in the past week, as reported by Todayq News.
SHIB technical analysis and key levels
According to expert technical analysis, SHIB is currently approaching its major resistance zone at $0.00003. The analysis suggests that after such a significant price surge, a consolidation phase may follow to either gather more momentum or initiate a further breakout. If SHIB closes above the $0.00003 level on a weekly or daily timeframe in the coming days, it might reach its all-time high.
However, at present, Rune holds $2.767 million in his crypto portfolio. The available data indicates that Rune possesses 425k LDO tokens valued at around $1.40 million, 675k USDC, 25.03 billion SHIB worth approximately $652K, 18.92K DAI worth around $18.92K, and also holds 5.09 ETH valued at around $17.85K.
