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Whale Transfers Nearly 500B Shiba Inu (SHIB) to HotBit After 200%+ ROI from Previous Trades.
A crypto whale moves to clear out Shiba Inu tokens acquired at higher prices in 2022 via the fading HotBit exchange after an impressive 200%+ ROI from previous trades.
In a surprising move, a crypto whale recently transferred a staggering 499.62 billion units of Shiba Inu (SHIB) tokens to the fading HotBit crypto exchange after a period of dormancy lasting 7.5 months.
Recall that TheCryptoBasic reported an urgent call to Shiba Inu enthusiasts to withdraw their SHIB holdings from the HotBit crypto exchange following the platform’s recent decision to end centralized exchange services.
According to market tracker SpotOnChain, the whale’s transfer is valued at $4.24 million based on a $0.0000085 per token price. The marker tracker noted that it appears the whale seeks to clear out the SHIB tokens acquired at higher prices in 2022.
🚨 A whale moved 499.62B $SHIB to #Hotbit at $0.0000085 ($4.24M) 13 hrs ago.
After 7.5 months of dormancy, it woke up to clear out those $SHIB accumulated at higher prices in 2022.
Despite slightly losing if truly selling now, this whale still has an ROI of 200%+ from trading… pic.twitter.com/C4Ls62yVjG
— Spot On Chain (@spotonchain) May 26, 2023
SHIB Whale Makes 200% ROI
Despite potentially incurring a slight loss if the tokens were sold at the current market price, the whale still boasts an impressive return on investment (ROI) of over 200% from its previous SHIB trades.
Further details provided by SpotOnChain shed light on the whale’s successful trading strategy. According to the market tracker, the trader’s estimated profit of $70 million or more was predominantly derived from strategic SHIB trades executed in 2021.
The whale entered the SHIB market as an early player in April 2021, well before the token gained significant popularity. During periods of price downturn, the whale patiently accumulated SHIB tokens at low prices, only to make massive sell-offs when the price soared.
In a particularly notable transaction, the whale offloaded a staggering 900 billion SHIB tokens to the Hotbit exchange when the token reached its peak value of $0.000065, netting a substantial $58.27 million, approximately eight times the initial investment.
Following this epic clearout, the whale shifted its focus towards re-accumulating SHIB tokens. However, the price of SHIB has been on a persistent downtrend since late 2021, which may have influenced the whale’s decision to exit its position at this juncture.
Since that epic clearout, the whale had focused solely on re-accumulating $SHIB.
However, $SHIB price has been on a persistent downtrend since late 2021.
This may have influenced this whale to exit its position now. pic.twitter.com/doYQpMR9lt
— Spot On Chain (@spotonchain) May 26, 2023
Similarly, TheCryptoBasic reported on May 25 that one of the largest Shiba Inu token holders had amassed over 140 billion token units within a 24-hour window.