To the Hotbit cryptocurrency exchange, a Shiba Inu Whale transferred 499.6 billion SHIB worth 4.24 million USD.
Shiba Inu Whale Has Moved 4.24 Million USD Worth of SHIB
The whale awoke to clear out SHIB it had purchased at a higher price a year earlier after staying dormant for seven and a half months.
Awakening of the Whale
By mentioning that they were an early adopter of Shiba Inu, Twitter user Spot on Chain warned people about the awakened giant on Friday. SHIB was valued at less than 0.000002 USD when the wallet address in question was originally generated in April 2021.
Since then, gains from trading SHIB are thought to have totaled over 70 million USD at the wallet address that was most recently active. Most of those profits were realized in October 2021, when the token’s value spiked.
Hotbit Preferred, People Surprised
One of the most confusing elements in this move, which took place on Friday, was the preference of Hotbit because Hotbit had stopped its operations a while ago. Hotbit announced its closure, citing worsening operational challenges and dwindling cash flow.
“the Hotbit team believes that centralized exchanges (CEX) are becoming increasingly cumbersome, with highly complex and interconnected businesses that are difficult to comply with, whether for compliance or decentralization and are unlikely to meet long-term trends.
The Hotbit Team
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