Lookonchain suggested that the purpose behind the deposit was potentially to capitalize on profits from these addresses. This speculation stemmed from SHIB’s recent performance, especially considering the lower price at which the whale had acquired the SHIB tokens.
In particular, the market tracker observed that the same value of SHIB tokens deposited recently had been withdrawn from Binance by the Shiba Inu whale about two months ago. Reportedly, the withdrawal occurred between November 17 and December 27, 2023.
At that time, the tokens were valued at $3.24 million. However, as stated in the recent disclosure, the deposited Shiba Inu tokens held a value of over $5.76 million at the time of the transaction. This led Lookonchain to estimate a potential profit of $2.5 million for the trader.
Meanwhile, more recent data suggests a more staggering profit profile for the whale, considering Shiba Inu’s latest uptick
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