A Shiba Inu Whale has moved 499.6 billion SHIB worth 4.24 million USD to the Hotbit crypto exchange.

After seven and a half months of laying dormant, the whale woke up to clear out SHIB it bought at a higher price a year ago. But why choose to send funds to a defunct exchange?

Shiba Inu Whale Exits Position

Twitter user Spot on Chain alerted people to the awakening giant on Friday, noting that they were an early adopter of Shiba Inu.

When the wallet address in question 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 recently active wallet address has raked in over 70 million USD in profits from trading SHIB. Those gains were mostly made during a surge in the value of the token in October 2021.

However, the memecoin has lost more than three-quarters of its value since its all-time high.

After trading at close to 0.00007 USD in October 2021, today, Shiba Inu is worth just 0.00000857 USD. 

And while the cryptocurrency rallied by as much as 7% earlier this week, the decision of one whale to move their assets from cold storage onto a crypto exchange suggests they may be preparing to cut their losses.

Questions Hang Over Hotbit Exit

One perplexing aspect of Friday’s

Go to Source to See Full Article
Author: James Morales

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