Monday, December 5, 2022
HomeCrypto NewsMarketConfidence Building As Shiba Inu Whale Withdraws 1.72 Trillion SHIB From Huobi

Confidence Building As Shiba Inu Whale Withdraws 1.72 Trillion SHIB From Huobi

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An anonymous Shiba Inu whale has withdrawn a large amount of SHIB from the Huobi cryptocurrency exchange.

According to blockchain data, a total of 1,726,855,546,531 (1.72 trillion) SHIB were transferred from an address on the Huobi exchange to an unknown wallet earlier today.

At the time of the transaction, the funds were worth a whopping $19.4 million. Despite the massive amount of Shiba Inu transferred, the user paid a paltry fee of $4.63 to move the funds from the Huobi exchange to its destination.

The transaction details were also shared by Whale Alert, a cryptocurrency whale tracking service, on Twitter.

“1,726,855,546,531 #SHIB (19,398,804 USD) transferred from #Huobi to unknown wallet,” Whale Alert tweeted.

At press time, SHIB is changing hands at $0.00001117, and its value is down 2.5% in the last 24 hours.

Whale Interests in SHIB Intensifies

The development suggests that cryptocurrency whales are still interested in Shiba Inu. TheCryptoBasic has been covering reports involving whale investors’ movement of large amounts of SHIB.

The withdrawals come as Shib yesterday launched its first collectible card game. This withdrawal shows investor interest in keeping his shib holding away from the exchange for the long term.

While the value of SHIB has slumped 87% from its all-time high of $0.00008616, investors are still confident that the cryptocurrency price will rally again. The confidence from the numerous initiatives lined up for the canine-themed cryptocurrency. Interestingly, Shiba Inu, which initially made its debut as a meme coin, has launched several projects that could boost its value.

At the moment, Shiba Inu has a metaverse project, non-fungible tokens (NFTs), decentralized exchange (DEX), and a Play-to-Earn game.

The Shiba Inu team is still working on launching other projects, including a stablecoin and a Layer-2 network, on expanding its utility.

Meanwhile, the development comes less than a day after Shiba Inu officially launched its much-anticipated Play-to-Earn (P2E) game named Shiba Eternity. The game has gained traction since it became available for download on Android and iOS devices.

On the App Store, Shiba Eternity is currently the number one card game on the platform, while over 10,000 downloads have been recorded for the game on the Google PlayStore.

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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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