Crypto whales have been capitalizing on opportunities to generate substantial profits in recent times. According to Lookonchain, a well-known on-chain analytics platform, a Shiba Inu whale recently took advantage of such an opportunity and made massive gains. The analytics firm revealed this development on its official X account.
In other news, Tether has announced a strategic transition to prioritize community-driven blockchain support. As part of this transition, Tether will cease its support for EOS and Algorand and will no longer issue USDT on these platforms. The transition is expected to be completed within the next 12 months.
The Shiba Inu whale leveraged $SHIB tokens to make a profit of $8.3 million on the popular exchange Binance. According to Lookonchain, the whale deposited a significant amount of $SHIB tokens, totaling up to 1.08 trillion coins. This substantial deposit reflects the whale’s strategic approach and confidence in potential profits.
The value of the deposited $SHIB tokens amounted to approximately $18.4 million. According to Lookonchain, this event occurred recently and resulted in a tremendous benefit for the whale. Consequently, the whale earned gains worth around $8.3 million, which is a remarkable achievement.
Following the deposit, the whale reportedly redeemed the amount it had previously deposited. The total cost of the nearly 1.08 trillion $SHIB tokens amounted to $10.07 million. The entire withdrawal process took place over a few days, from November 24th to December 4th. Currently, the whale is said to possess almost $29 million in unrealized profits at the peak of $SHIB.
Tags: SHIB