How Did A Crypto Whale Turn To Profits With SHIB To FET Swap?

The crypto market’s volatility can transform one crypto into a king at a time and a pawn at the other. As the market fluctuates, the token’s worth changes, transforming the profitable cryptocurrency into a loser or vice versa. This realization has already hit the traders, calling the need for the practices to stay profitable. One crypto whale is also doing the same as it swapped its SHIB token holdings into FET, leaving the others to wonder why.

Crypto Whale Swapped 255.62B SHIB For 3.114M FET

The crypto market offers millions of cryptos to trade with a huge variety based on properties, demand, and profitable activities. And this one smart crypto whale found the benefit in that, as it swapped billions of Shiba Inu (SHIB) tokens into FET to turn its ongoing losses into significant profits.

Lookonchain, a crypto analytics platform, has revealed the transition details of the SHIB whale, where the whale exchanged 255.62 Billion SHIB ($3.5 M) for 3.114 Million FET to recover its 45.9% loss from the Shiba Inu investments.

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

The whale known for its earlier profitable SHIB holdings, ended up facing losses due to the ongoing challenging market conditions. The Lookonchain X post reveals that the SHIB whale made a $145M (x52) profit with its SHIB trading activities between Feb 2021 and Jun 2022. However, with the failure of the Shiba Inu price to rise, the whale had to look for other profitable trades in the market.

How Is It A Profitable Deal?

Shiba Inu (SHIB) and Artificial Superintelligence Alliance (FET) have their share of popularity in th market. However, they belong to two different categories, dividing them based on demand and profitability.

SHIB is among the most popular meme coins but has a low value and a high supply, making it easier to hold. However, its performance is limited because of the higher volatility. On the other hand, FET is an AI crypto that focuses on artificial intelligence. This provides a gap or an opportunity to make profitable swaps as these follow a different trend.

At the time of this whale swap, SHIB was under constant loss for the last month, losing more than 15% of its value, bringing down the entire valuation of the holding. This was also the reason why analysts advised investors to avoid SHIB investments.

However, with the transition of Fetch.Ai to the Artificial Superintelligence Alliance and the current trend of AI-based cryptocurrencies, the price is on the profiting side with a 6% surge in the last 24 hours. As a result, many whales went on Buying Spree, especially before the NVIDIA earnings.

More importantly, the Spotonchain data revealed that since the swap, the FET price has surged almost 14%, becoming a profitable deal for the SHIB whale.

Final Thoughts

SHIB has its share of profitable days, but with the rising competition and introduction of new meme-based cryptocurrencies, the frequency of surges has decreased. However, the condition is totally opposite for the Artificial Superintelligence Alliance, as the demand is rising for AI crypto coins, offering a more profitable outlook. In this attempt, the crypto whale has swapped 255.62 Billion SHIB ($3.5 M) for 3.114 Million FET to recover its ongoing 45.9% losses in Shiba Inu investments.

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Pooja Khardia

With years of love for reading and 5 years of content writing experience, I’m here, working on my favorite writings about cryptocurrency. I’m actively looking for trending topics and informational statistics to curate the best content pieces for crypto enthusiasts. Staying updated with trends and learning the basis and advancements of this field is the best part of the day.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.