CDS Crypto News Shiba Inu Whale Has Moved 4.24 Million USD Worth of SHIB
Crypto News

Shiba Inu Whale Has Moved 4.24 Million USD Worth of SHIB

The Shiba Inu whale woke up and chose Hotbit.

1.4k
Shiba Inu Whale Has Moved 4.24 Million USD Worth of SHIB

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
Written by
lectertodd

Lectertodd is 25 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

%s Comment

Related Articles

ETH Whales are on the Move: Total of 13.818 ETH Withdrawn

The activity of ETH whales has raised curiosity.

Coinbase MPI License Announced by Monetary Authority of Singapore

The news of the Coinbase MPI license is a sign that the...

Solana Achieves Record Total Value Locked in 2023

As Solana continues its ascent, the DeFi ecosystem within the network has...

FTX Hacker Moves Millions in Stolen Ethereum as FTX’s Former CEO Faces Trial

FTX Hacker Moves Millions in Stolen Ethereum as FTX's Former CEO Faces...