Strategic Shift: Early Shiba Inu Whale Diversifies into FET, Reaping Early Rewards
An early Shiba Inu (SHIB) whale, who enjoyed astronomical gains during the 2021/2022 market cycle, has made a strategic move by reallocating a portion of his investment from SHIB to Fetch.ai (FET). This decision appears to be paying off.
This development was shared today by the prominent blockchain analytics platform, Spot on Chain.
Transaction Details
According to Spot on Chain, the anonymous whale exchanged 255.62 billion SHIB (valued at $3.5 million) for 3.114 million FET over the past ten hours. Interestingly, the investor’s choice to swap a portion of his SHIB holdings for FET seems to be a shrewd move, as the price of FET surged by 14% shortly after.
Despite swapping over 255 billion SHIB for FET, the anonymous whale still holds 713 billion SHIB, worth $10 million. It remains to be seen whether the investor will continue to exchange more of his SHIB holdings for FET or other crypto assets.
Insight into the Shiba Inu Whale’s Activity
For context, this whale has been an early investor in Shiba Inu since 2021. Spot on Chain revealed that the anonymous whale first traded Shiba Inu from February 2021 to June 2022, realizing a significant profit of $145 million.
In one notable transaction, the whale swapped 4,849 ETH (worth $18.5 million) for 715.8 billion SHIB. This single transaction caused Shiba Inu’s price to surge by 4.6%, according to Spot on Chain.
In contrast to the investor’s first SHIB trade, his latest investment in the dog-themed token did not perform as expected. Spot on Chain claimed that the investor recorded an unrealized loss of $11.51 million, representing a 45.9% decline from his second SHIB trade since June. Consequently, the investor opted to mitigate some losses by exchanging part of his SHIB holdings for FET.
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To date, the investor has purchased a total of 9.257 trillion SHIB and sold 8.544 trillion SHIB, leaving him with a holding of 713 billion tokens.
Meanwhile, the price of FET has risen by 7.33% over the past day to $1.19. Conversely, SHIB has declined by 0.47% over the same period to $0.00001399.
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