- A prominent SHIB investor swapped $3.5M in SHIB for FET amid recent market fluctuations.
- FET surged nearly 14% in 24 hours, while SHIB saw a 1.46% decline.
- The whale continues to hold 713 billion SHIB, reflecting a cautious yet strategic market approach.
A Shiba Inu (SHIB) investor who gained substantial profits during the 2021 bull run has recently shifted their strategy by trading a significant portion of SHIB holdings for Artificial Superintelligence Alliance (FET). This unexpected move comes as FET experienced a nearly 14% increase over the past 24 hours.
Significant Market Move
According to on-chain data from Spot On Chain, the whale swapped 255.62 billion SHIB, valued at $3.5 million, for 3.114 million FET tokens. This exchange occurred during a period of declining SHIB prices, which saw a 1.46% drop amidst a stagnant market.
The FET token, after enduring four days of consecutive losses, rebounded significantly on August 30. This recovery has outperformed the broader cryptocurrency market, which largely traded in the red. Despite the market downturn, FET maintained its gains, recording a 6.14% increase at the time of reporting.
History of SHIB Investments
The whale’s history with SHIB is notable. They previously made a substantial profit of $145 million, marking a 52x return on their initial investment from February 2021 to June 2022. Earlier this year, in June, they reinforced their SHIB holdings by exchanging 4,849 WETH for an additional 715.8 billion SHIB.
Ongoing SHIB Holdings
Despite this latest trade, the whale has not fully exited their SHIB position. They continue to hold 713 billion SHIB, currently valued at $10 million. This remaining stake suggests a continued belief in SHIB’s potential recovery or a long-term investment strategy.
The market will closely monitor the future moves of this early Shiba Inu investor, particularly given their significant influence in the crypto space. Their strategic shift towards FET indicates a careful consideration of market conditions and potential opportunities.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
