An early investor in Shiba Inu (SHIB) tokens, who experienced significant profits during the Shiba Inu bull run in late 2021, has surprised the market with a new move. According to on-chain data provider Spot On Chain, this SHIB whale recently exchanged a substantial portion of their SHIB holdings for Artificial Superintelligence Alliance (FET) tokens, which have shown a nearly 14% increase in value over the past 24 hours.
The whale’s decision to swap SHIB for FET comes after the latter experienced a sudden rebound on August 30, following four consecutive days of declines. Despite the overall crypto market trading in losses, FET managed to maintain its gains, rising by 6.14% in the last 24 hours. On the other hand, Shiba Inu saw a 1.46% decrease during the same time period, displaying choppy sideways price action as August comes to a close.
Spot On Chain reported that the whale exchanged 255.62 billion SHIB worth $3.5 million for 3.114 million FET tokens in recent hours. This investor has a history of success with SHIB, having made a remarkable profit of $145 million, representing a 52x return on their initial investment when they first traded SHIB from February 2021 to June 2022.
In June of this year, the SHIB whale further increased their SHIB holdings by exchanging 4,849 WETH for an additional 715.8 billion SHIB tokens. However, their second major SHIB trade has resulted in an unrealized loss of $11.51 million, or a -45.9% decrease in value. This may have influenced the decision to pivot towards FET. Although the motive behind the swap remains uncertain, it is possible that this is a short-term move.
Despite the recent shift towards FET, it appears that the whale still has confidence in SHIB, as they hold 713 billion SHIB worth $10 million. This continued stake suggests that the investor may not be completely abandoning SHIB and could be anticipating a future recovery or holding their position as part of a long-term strategy.
Market observers will be closely monitoring the next moves made by this early SHIB buyer in the upcoming days.