According to data provided by Spot On Chain, one of the early-stage Shiba Inu (SHIB) whales transferred 399.99 billion SHIB (approximately $9.69 million) to the Gemini exchange in recent hours.
This whale purchased 15.2 trillion SHIB for just 10 ETH on August 7, 2020. This low-cost investment at that time allowed the whale to make a profit of approximately $107.7 million today. This profit means a 3.7x return on the SHIB investment.
Following the latest transfers, the whale reportedly still has 2 trillion SHIB (approximately $48.54 million) in his possession. This move suggests that the whale transferred SHIB tokens to Gemini in an attempt to cash out some of them.
As a result, the moves of this whale, who was among the early investors of Shiba Inu, are closely followed by the crypto community. It is a matter of curiosity how the transfer will affect the market.
Stay tuned.
