A notable Shiba Inu (SHIB) investor, who previously achieved a 52x return on their investment, has made a surprising move in the cryptocurrency market.
According to data from Spot On Chain, a blockchain analytics provider, this whale has exchanged a substantial portion of their SHIB holdings for Artificial Superintelligence Alliance (FET) tokens.
This early $SHIB buyer is swapping its losing $SHIB position for the rising $FET!
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
— Spot On Chain (@spotonchain) August 31, 2024
Diversification or Short-term Move?
The whale’s decision to swap 255.62 billion SHIB, worth approximately $3.5 million, for 3.114 million FET tokens may be seen as a strategic move, potentially driven by the desire to diversify its portfolio or capitalize on FET’s recent price surge.
FET initially experienced a 14% increase in value over the past 24-hour period but has now experienced a decline of 3.11% in the past 24 hours. Its initial increase had slightly changed the trend of the broader cryptocurrency market, which has seen losses across the board.
This investor’s history with SHIB is notable, having made a staggering $145 million profit between February 2021 and June 2022. However, their subsequent trades have not been as successful, with their second major SHIB trade currently sitting at a loss at around $11.51 million, representing a 45.9% unrealized loss. This may have contributed to their decision to pivot towards FET.
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Despite this move, the whale still holds a significant stake in SHIB, with 713 billion tokens worth $10 million remaining in their portfolio. This suggests that they may not abandon SHIB entirely, potentially anticipating a future recovery or maintaining a long-term position.
The motivations behind this whale’s actions are unclear, and it is uncertain whether this move is short-term or part of a larger strategy. Nevertheless, their actions will likely be closely watched by market participants, given their history of success with SHIB.
In the context of the broader market, SHIB has experienced unstable price action, concluding August with a 1.09% decline, according to data from CoinMarketCap.
Conclusion
The move by this SHIB whale highlights the dynamic nature of the crypto market, where investors constantly seek opportunities to maximize returns. It will be interesting to observe the next moves made by this investor and how they adapt to changing market conditions.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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