Early in the 2021/2022 market cycle, an influential Shiba Inu investor known as a whale made a significant move by shifting part of their SHIB investment to FET (Fetch.ai). The decision has already proven to be a wise one, as the whale’s investment in FET has seen a 14% price increase shortly after the swap.
According to blockchain analytics platform Spot on Chain, the whale exchanged a whopping 255.62 billion SHIB, valued at $3.5 million, for 3.114 million FET over a period of 10 hours. Despite the substantial swap, the whale still holds onto 713 billion SHIB, which is currently valued at $10 million. It remains uncertain whether the investor will continue swapping their SHIB holdings for FET or other cryptocurrencies.
This particular whale has been involved with Shiba Inu since 2021, and Spot on Chain revealed that they accumulated a remarkable profit of $145 million from trading SHIB between February 2021 and June 2022. However, they took a two-year break from accumulating Shiba Inu and only resumed buying on June 5, 2024, when they swapped 4,849 ETH for 715.8 billion SHIB. This transaction caused a 4.6% spike in the price of Shiba Inu.
Unfortunately, their recent investment in SHIB did not go as planned, resulting in an unrealized loss of $11.51 million, representing a 45.9% decline from their second SHIB trade since June. In an attempt to recover some of their losses, the investor chose to swap some of their SHIB holdings for FET.
Overall, the whale has purchased a total of 9.257 trillion SHIB and sold 8.544 trillion SHIB, ultimately holding 713 billion tokens. At present, FET has experienced a 7.33% price increase in the past day, reaching $1.19, while SHIB has seen a slight decline of 0.47% to $0.00001399 during the same period.