A Shiba Inu whale awakens and moves 500 billion SHIB to HOTBIT

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A Shiba Inu whale has moved 499.6 billion SHIB worth $4.24 million to the cryptocurrency exchange Hotbit.

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

Shiba Inu Whale Movement

Twitter user "Spot on Chain" alerted people to the whale's awakening, noting that he was one of the first to adopt Shiba Inu.

When the wallet address in question was first created in April 2021, SHIB was trading at a price below $0.000002.

Since then, it is estimated that this wallet address has accumulated over $70 million in SHIB trading profits. These gains were primarily made during a surge in the token's value in October 2021.

However, the meme cryptocurrency has lost over three-quarters of its value since its all-time high.

After reaching around $0.00007 in October 2021, Shiba Inu is now only worth $0.00000857.

Although the cryptocurrency recovered by up to 7% earlier this week, the decision of a whale to move its assets from a cold wallet to a cryptocurrency exchange suggests that it may be preparing to cut its losses.

Why Hotbit?

One puzzling aspect of Friday's movement is the fact that the cryptocurrency exchange Hotbit has ceased operations. After all, why send funds to a failed platform?

When announcing its permanent closure, Hotbit stated that customers would have until June 21st to withdraw their assets.

However, many users have reported difficulties in doing so. Others have claimed that the exchange has altered the value of their cryptocurrencies.

Hotbit said it was closing due to deteriorating operational conditions and a decrease in cash flow. In a statement, they expressed:

"The Hotbit team believes that centralized exchanges (CEX) are becoming increasingly cumbersome, with highly complex and interconnected businesses that are difficult to comply with, either in terms of compliance or decentralization, and are unlikely to meet long-term trends."

Despite this, the whale's movement will remain a mystery.

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