Last updated on May 18th, 2024 at 11:58 am
Dormant Shiba Inu Whale moves 499 Billion SHIB to Hotbit – A massive activity involving Shiba Inu was recorded today when a sleeping whale returned to make a surprising transaction.
In a recent development, a crypto whale that has been dormant for about 7.5 months bounces back with a transaction moving almost 500 billion SHIB to Hotbit. The Shiba Inu tokens were acquired in 2022 from Hotbit at a higher price. Regardless, the whale still made up to 200% ROI after the transaction.
Remember that earlier this week, the Hong Kong-based crypto exchange announced that it would shut down its services after 5 years of operations. The company pointed out that it is becoming difficult to operate a centralized exchange as one of its reasons for shutting down.
Spot on Chain (@spotonchain), a blockchain data analysis platform, made the transaction known after posting it on its Twitter account. According to the report, the whale transferred tokens valued at $4.24 million to Hotbit.
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According to the market tracker, the whale looks to be trying to be clearing out the SHIB tokens bought at higher prices in 2022.
🚨 A whale moved 499.62B $SHIB to #Hotbit at $0.0000085 ($4.24M) 13 hrs ago.
After 7.5 months of dormancy, it woke up to clear out those $SHIB accumulated at higher prices in 2022.
Despite slightly losing if truly selling now, this whale still has an ROI of 200%+ from trading… pic.twitter.com/C4Ls62yVjG
— Spot On Chain (@spotonchain) May 26, 2023
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Over 200% profit realized
Even though the tokens were bought in 2022 at a higher price, the Whale will still be able to make over 200% ROI if they were to sell the tokens with the current market price of SHIB.
Furthermore, Spot on Chain pointed out the whale’s successful trading strategy. The blockchain analysis platform highlighted that the trader made an estimated $70 million profit from trading SHIB in 2021.
Also, it was also noted that the whale started trading Shiba Inu in 2021, way before the token became popular. The whale strategically accumulated SHIB during the bear seasons and sold off when the price soared.
900 billion SHIB was sent to Hotbit by the whale in October 2021 when the price per token peaked at $0.000065 ($58.27 million). After the epic clearout, the whale continues to amass SHIB tokens. However, the price of SHIB has been on a continuous downtrend since 2021.
The persistent reduction in price must have moved the whale to exit its position.
Since that epic clearout, the whale had focused solely on re-accumulating $SHIB.
However, $SHIB price has been on a persistent downtrend since late 2021.
This may have influenced this whale to exit its position now. pic.twitter.com/doYQpMR9lt
— Spot On Chain (@spotonchain) May 26, 2023
Furthermore, the address related to the transaction was also shared in the thread as 0xd180641c14259838ccebfab59b055aeff983fdab.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.