u.today
An early Shiba Inu ($SHIB) buyer who profited significantly during the Shiba Inu bull run in late 2021 has recently made an unexpected market move.
According to on-chain data provider Spot On Chain, this whale swapped a significant portion of their $SHIB holdings for Artificial Superintelligence Alliance ($FET), which rose nearly 14% in the last 24 hours.
This early $SHIB buyer is swapping its losing $SHIB position for the rising $FET!
— Spot On Chain (@spotonchain) August 31, 2024
In the past 10 hours, the whale swapped 255.62B $SHIB ($3.5M) for 3.114M $FET.
Notably, this whale made a $145M (x52) profit from the first trading $SHIB during Feb 2021 - Jun 2022. However, the… https://t.co/UIz4CHekKW pic.twitter.com/Z4BKWFU2qg
$FET saw a sudden rebound Aug. 30 following four consecutive days of declines. The gains were sustained till press time against the backdrop of the entire crypto market, which traded in losses, with $FET up 6.14% in the last 24 hours. Shiba Inu was down 1.46% within this time frame amid choppy sideways price action as August concludes.
According to Spot On Chain, the whale has swapped 255.62 billion $SHIB worth $3.5 million for 3.114 million $FET in recent hours.
Still bullish on $SHIB?
This whale is no stranger to success with $SHIB. Notably, the investor made a staggering $145 million profit, representing a 52x return on their initial investment when they first traded $SHIB from February 2021 to June 2022.
In June this year, the Shiba Inu whale boosted its holdings, swapping 4,849 WETH for an additional 715.8 billion $SHIB.
However, this whale’s second major trade in $SHIB has been in a losing position, with an unrealized loss of $11.51 million, or -45.9%. This may have likely influenced the pivot toward $FET. The decision to swap $SHIB for $FET appears to be a strategic one, however, it is unclear whether this is a short-term move.
There is a good probability that the whale remains bullish on $SHIB because they still have a significant lot of it. According to Spot On Chain, the whale still holds 713 billion $SHIB worth $10 million.
This continuing stake suggests that the whale may not be completely abandoning $SHIB, either anticipating a future recovery or holding their position as a long-term strategy.
In the coming days, the next moves to be undertaken by this Shiba Inu early buyer will be closely watched by the market.