thecryptobasic.com
An early Shiba Inu ($SHIB) investor has recently been making strategic moves as prices struggle alongside the rest of the crypto market.
Despite once profiting significantly from $SHIB, the whale with the address 0x761 is shifting focus to other tokens, particularly Fetch.AI ($FET) and Neiro on $ETH, in an attempt to recover from recent losses.
Whale Swaps Ethereum for NEIRO
One of the whale’s most recent transactions involved swapping 1,003 Ethereum ($ETH), worth $2.31 million, for 2.86 billion NEIRO tokens. This exchange took place during a period when NEIRO experienced a significant 17-fold price increase. Despite this surge, the whale’s recent trading history shows mixed results.
This early $SHIB buyer swapped 1,003 $ETH ($2.31M) for 2.86B $NEIRO in the last hour, despite the x17 pump!
Though the whale made $145M from $SHIB in 2021/22, 2 out of its 3 recent trades, including #NEIROETH and the 2nd $SHIB trade, haven’t been as successful, resulting in… https://t.co/Rh1SIhTtN4 pic.twitter.com/LXajvUQM1t
— Spot On Chain (@spotonchain) September 18, 2024
For instance, while they previously made $145 million from Shiba Inu between 2021 and 2022, more recent moves have resulted in substantial losses. Specifically, two out of three of their recent trades, including one involving $SHIB and another involving Neiro on $ETH, have led to a combined loss of $13.48 million.
$SHIB-to-$FET Swap Results in Profit
However, the whale’s strategy seems to have taken a positive turn in August, when they swapped a portion of their $SHIB holdings for $FET. On August 30, the investor exchanged 255.62 billion $SHIB, valued at $3.5 million, for 3.114 million $FET.
This move has proven fruitful, as the whale held an unrealized profit of $715,000, or a 20.7% gain, thanks to a 14% rise in $FET’s value by August 31. Notably, this swap came after the whale’s $SHIB holdings had suffered a 45.9% loss since June 2024, resulting in a loss of $11.51 million.
Buyer’s Current Holdings
As of now, the whale’s portfolio remains diverse. The largest portion consists of 4,960 $ETH, valued at $11.537 million, making up 43% of their holdings. Meanwhile, they still retain a significant $SHIB position, with 477.511 billion $SHIB worth approximately $6.332 million, accounting for 24% of the portfolio.
The whale’s $FET holdings, now valued at $4.235 million, make up 16% of their portfolio. Lastly, their NEIRO and NEIROETH positions, valued at $2.279 million and $1.268 million, respectively, make up a smaller yet notable portion of their overall investments.