Dormant Shiba Inu Whale Makes 200% Profit Moving Over 499 Billion SHIB to Hotbit

HomeMarket NewsShiba Inu

Dormant Shiba Inu Whale Makes 200% Profit Moving Over 499 Billion SHIB to Hotbit

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.

Advertisement

thegreensafe banner

According to the market tracker, the whale looks to be trying to be clearing out the SHIB tokens bought at higher prices in 2022.

Advertisement

thegreensafe large horizontal banner

Read Also:

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.

Furthermore, the address related to the transaction was also shared in the thread as 0xd180641c14259838ccebfab59b055aeff983fdab.

Special Offer (SPONSORED)

Binance Free $200 (Exclusive): Use this link to register and receive $200 free trading fee credit (terms).

"3Commas Trading Bot" Special Offer: Use this link to Sign up with 3Commas and get 10% off your first monthly subscription.

Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.