As a researcher who has been following the crypto market for years and witnessed the meteoric rise of Shiba Inu (SHIB), I find this recent move by the early SHIB whale intriguing. The whale, who raked in a mind-boggling $145 million profit during the SHIB bull run, has now decided to swap a portion of their SHIB holdings for Artificial Superintelligence Alliance (FET).
A person who initially purchased Shiba Inu (SHIB) early on and saw substantial gains during the Shiba Inu’s price surge towards the end of 2021 has just taken a surprising action in the financial markets.
Based on information from data supplier Spot On Chain, it appears that this large investor exchanged a substantial amount of their Shiba Inu tokens for Artificial Superintelligence Alliance (FET) coins. Remarkably, FET saw a nearly 14% increase over the past day.
On August 30th, FET experienced a surprising recovery after four straight days of decrease. This positive trend continued until the present moment, even as the entire crypto market faced losses. In the last 24 hours, FET increased by 6.14%. Conversely, Shiba Inu dipped 1.46% during this period amid volatile price fluctuations, as August draws to a close.
As reported by Spot On Chain, a whale has exchanged approximately 255.62 billion Shiba Inu (SHIB) valued at around $3.5 million, for roughly 3.114 million Fetch.AI (FET) over the past few hours.
Still bullish on SHIB?
It’s clear this whale is no novice when it comes to profiting with Shiba Inu (SHIB). Impressively, they managed to rake in a mind-boggling $145 million, which translates to a massive 52 times return on their initial investment. This profit was made during the timeframe from February 2021 to June 2022 when they first traded SHIB.
This June, a significant investor (referred to as the “Shiba Inu whale”) increased its assets by exchanging 4,849 units of Wrapped Ether (WETH) for approximately 715.8 billion more Shiba Inu tokens.
Despite incurring an unrealized loss of $11.51 million, or -45.9%, on its second significant Shiba Inu (SHIB) trade, it seems this whale may have shifted focus to FET. This apparent change could be a strategic decision, though the duration of this swap remains uncertain.
It’s quite likely that the whale continues to be optimistic about SHIB, as they still possess a substantial amount of it. As per Spot On Chain, this whale currently owns approximately 713 billion SHIB, which equates to around $10 million in value.
This ongoing interest indicates that the whale might not be entirely giving up on SHIB. Perhaps they are hoping for a future resurgence, or they could be planning it as part of a long-term investment approach.
Over the next few days, the market will be keenly observing the subsequent actions taken by this early Shiba Inu investor.
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2024-08-31 18:20