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An early Shiba Inu whale, who made astronomical gains in the 2021/2022 market cycle, shifts part of their SHIB investment to FET.
The development was shared by prominent blockchain analytics platform Spot on Chain today, emphasizing that the decision has started paying off.
Transaction Details
According to Spot on Chain, the unknown whale had swapped 255.62 billion SHIB (worth $3.5 million) for 3.114 million FET over the past 10 hours. Interestingly, the investor’s decision to exchange some of their SHIB holdings for FET appears to be a smart move, as the price of FET pumped by 14% shortly after that.
Despite swapping over 255 billion SHIB for FET, the unknown whale still holds 713 billion SHIB, valued at $10 million. It remains to be seen whether the investor will continue to swap more of their SHIB holding for FET or other crypto assets.
Insight into the Whale’s Shiba Inu Activity
For context, the whale had been an early Shiba Inu investor since 2021. Spot on Chain revealed that the unknown whale first traded SHIB from February 2021 to June 2022, making a remarkable profit of $145 million.
However, they took a break from accumulating Shiba Inu for two years and only resumed buying SHIB on June 5, 2024. At the time, this whale swapped 4,849 ETH (worth $18.5 million) for 715.8 billion SHIB. This single transaction caused the price of Shiba Inu to spike by 4.6%, according to Spot on Chain.
Unlike the investor’s first SHIB trade, their recent investment in the dog-themed token has not gone as expected. Spot on Chain claimed the investor had recorded an unrealized loss of $11.51 million, marking a 45.9% decline from their second SHIB trade since June. Hence, the investor chose to recoup some losses by swapping some of their SHIB holdings for FET.
So far, the investor has purchased a total of 9.257 trillion SHIB and sold 8.544 trillion SHIB, leaving them with a holding of 713 billion tokens.
In the meantime, the price of FET has risen 7.33% over the past day to $1.19. Conversely, SHIB has declined 0.47% in the same timeframe to $0.00001399.