Crypto whales have frequently been leveraging the opportunities to generate huge profits in recent times. As per the well-known on-chain analytics providing platform Lookonchain, Shiba Inu Whale has recently carried out such an opportunity to make massive gains. The analytics firm disclosed the respective development on its official account on X.
Shiba Inu Whale Leverages $SHIB to Make Profit of $8.3 Million on Binance
According to the analytics company, the respective whale deposited a significant amount of $SHIB tokens to the popular exchange Binance. As Lookonchain puts it, the whale reportedly deposited up to 1.08 trillion $SHIB coins, which is a quite heavy sum. Depositing such a huge number of tokens indicates the whale’s efficient strategy and belief in the potential profits.
The respective amount of $SHIB tokens equals up to $18.4 million worth. As per the analytics firm, this event took place just recently. As Lookonchain pointed out, the above-mentioned development paved the way for an enormous benefit for the whale. As a result of this, the whale effectively generated gains of approximately $8.3 million worth, signifying a remarkable achievement.
The Whale Owns $29 Million in Terms of Unrealized Profit
Following that event, the whale reportedly redeemed the amount that it had formerly deposited. The respective amount of nearly 1.08T $SHIB had a cost of up to $10.07 million in total. The entire episode of the $SHIB withdrawal spanned a few days, starting on the 24th of November and ending on the 4th of December. At present, the whale reportedly possesses almost $29 million in terms of unrealized profit at $SHIB’s peak.
