Shiba Inu Whale Transfers 500 Billion SHIB to Closed Exchange
A Shiba Inu whale has transferred 499.6 billion SHIB worth $4.24 million to the Hotbit crypto exchange.
After lying dormant for seven and a half months, the whale awoke to clean the SHIB it had bought at a high price a year earlier. But why choose to send funds to a defunct exchange?
shiba inu whale moves out of position
twitter user Spot On Chain Alerted People woke up the giant on Friday, noting that they were early adopters of the Shiba Inu.
When the corresponding wallet address was first created in April 2021, SHIB was trading at a price of less than 0.000002 USD.
Since then, it is estimated that the most recently active wallet addresses have made over $70 million in profits from SHIB trading. Those gains were mostly made in October 2021 during an increase in the token’s value.
While the cryptocurrency gained 7% earlier this week, a whale’s decision to move their assets from cold storage to a crypto exchange suggests they are preparing to cut their losses.
question hang over hotbit exit
One puzzling aspect of Friday’s bust is that the Hotbit cryptocurrency exchange has now ceased operations. Why send funds to a failed platform?
Upon announcing that the shop would be closing forever on Tuesday, Hotbit said customers would have until June 21 to retrieve their possessions.
However, many users have reported difficulties in doing so. Others have claimed that the exchange changed the value of their cryptocurrencies.
Read More: https://cryptosaurus.tech/shiba-inu-whale-transfers-500-billion-shib-to-closed-exchange/
A Shiba Inu whale has transferred 499.6 billion SHIB worth $4.24 million to the Hotbit crypto exchange.
After lying dormant for seven and a half months, the whale awoke to clean the SHIB it had bought at a high price a year earlier. But why choose to send funds to a defunct exchange?
shiba inu whale moves out of position
twitter user Spot On Chain Alerted People woke up the giant on Friday, noting that they were early adopters of the Shiba Inu.
When the corresponding wallet address was first created in April 2021, SHIB was trading at a price of less than 0.000002 USD.
Since then, it is estimated that the most recently active wallet addresses have made over $70 million in profits from SHIB trading. Those gains were mostly made in October 2021 during an increase in the token’s value.
While the cryptocurrency gained 7% earlier this week, a whale’s decision to move their assets from cold storage to a crypto exchange suggests they are preparing to cut their losses.
question hang over hotbit exit
One puzzling aspect of Friday’s bust is that the Hotbit cryptocurrency exchange has now ceased operations. Why send funds to a failed platform?
Upon announcing that the shop would be closing forever on Tuesday, Hotbit said customers would have until June 21 to retrieve their possessions.
However, many users have reported difficulties in doing so. Others have claimed that the exchange changed the value of their cryptocurrencies.
Read More: https://cryptosaurus.tech/shiba-inu-whale-transfers-500-billion-shib-to-closed-exchange/
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