Crypto whales have been taking advantage of opportunities to make substantial profits lately. According to on-chain analytics platform Lookonchain, a Shiba Inu whale recently seized such an opportunity and reaped massive gains. The analytics company shared this development on its official account on X.
In a noteworthy move, Tether announced a strategic shift to prioritize support for community-driven blockchains. As part of this transition, Tether will cease its support for EOS and Algorand, as well as halt the issuance of USDT on these blockchains. The entire transition process is expected to be completed within the next year.
As per Lookonchain, the Shiba Inu whale deposited a significant amount of $SHIB tokens on the popular exchange Binance. Reports state that the whale deposited a staggering 1.08 trillion $SHIB coins, showcasing their strategic acumen and confidence in the potential profits.
The total value of the deposited $SHIB tokens amounts to approximately $18.4 million. Lookonchain highlights that this event occurred recently and resulted in a substantial benefit for the whale. Consequently, the whale generated profits worth around $8.3 million, marking an impressive achievement.
Following the deposit, the whale reportedly redeemed the previously deposited amount. The total cost of the 1.08T $SHIB tokens amounted to approximately $10.07 million. This withdrawal process spanned several days, starting on November 24th and concluding on December 4th. Currently, the whale is said to possess nearly $29 million in unrealized profit at $SHIB’s peak.
Tags: SHIB