Early SHIB Whale Swaps $3.5M SHIB for Rising FET Token

• An early SHIB whale swapped $3.5M SHIB for FET, reflecting strategic market adaptation.
• Despite the swap, the whale still holds 713 billion SHIB, indicating continued belief in the token.

SponOnChain found an early SHIB whale who made a huge move by swapping their SHIB holdings for FET tokens. In the last few hours, this whale traded 255.62 billion SHIB, worth about $3.5 million, for 3.114 million FET. This change has sparked concern in the crypto market, particularly given the whale’s earlier success with SHIB.

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

Early SHIB Success Turns Sour in Recent Trading Shift 

From February 2021 to June 2022, this whale generated a staggering $145 million profit, resulting in a 52x return on their initial SHIB trade. However, their recent SHIB transaction, which began in June 2024, has not been as successful. The whale is currently facing an unrealized loss of $11.51 million, which is a 45.9% drop.

Given this context, the choice to switch to FET is timely, particularly given FET’s recent 14% increase. Nonetheless, it is crucial to note that, despite the swap, the whale still owns a significant amount of SHIB—approximately 713 billion tokens worth around $10 million.

At the time of writing, SHIB was trading around $0.00001365, down 1.30% over the last 24 hours and 8.43% over the last seven days.

On the other hand, as we previously noted, Shibburn reports that the token’s burn rate has increased significantly by 68,231.91%. Notably, a single transaction burnt nearly 96 million SHIB tokens.

Kraken, a large cryptocurrency exchange, has also added support for SHIB Futures trading, which might drive greater acceptance and increase market activity.

Beside that, according to CNF, Shibarium, Shiba Inu’s blockchain platform, has generated over 6.5 million total blocks and approximately 420 million total transactions.

However, the amount of new daily transactions has noticeably decreased. The Shiba Inu team has been constantly working on enhancements, recently announcing the release of a “Burn Portal” and the deployment of their most recent hard fork.