Crypto whales have been taking advantage of opportunities to make massive profits in recent times. One such example is the Shiba Inu Whale, who recently made significant gains, according to on-chain analytics platform Lookonchain. The analytics firm revealed this development on its official account.
In other news, Tether, a popular stablecoin, has announced a strategic transition to focus on community-driven blockchain support. As part of this transition, Tether will no longer support EOS and Algorand and will stop issuing USDT on these platforms. The transition is expected to be completed within the next year.
Regarding the Shiba Inu Whale’s profit-making endeavor, Lookonchain reports that the whale deposited a substantial amount of $SHIB tokens on the popular exchange Binance. The whale reportedly deposited up to 1.08 trillion $SHIB coins, indicating a strong belief in the potential profits. This deposit is estimated to be worth around $18.4 million.
According to Lookonchain, this event occurred recently and paved the way for a significant benefit for the whale. As a result, the whale made gains of approximately $8.3 million, highlighting its remarkable achievement.
After making these gains, the whale reportedly redeemed the amount it had initially deposited. The total cost of the nearly 1.08T $SHIB tokens was around $10.07 million. The withdrawal process took place over a few days, starting on November 24th and ending on December 4th. Currently, the whale is said to possess unrealized profits of almost $29 million at $SHIB’s peak.
Tags: SHIB