Crypto Whale’s SHIB Dump Eyeing FET’s Price Surge

• An early SHIB investor swaps $3.5 million Shiba Inu tokens for $FET.
• The move follows a 45.9% unrealized loss in recent trades.
• The whale still holds $10 million in SHIB, potentially betting on a future rebound.

An early investor in Shiba Inu (SHIB) has shaken up their investment strategy by swapping a substantial amount of SHIB for Fetch.ai (FET). This move suggests the whale intends to capitalize on the recent rise in FET’s value while managing ongoing losses in SHIB.

Tracking platform Spot On Chain called attention to this investor’s move in a recent post on X. The analysis detailed how the whale had previously reaped massive profits from their early involvement in Shiba Inu. 

Specifically, the investor racked up $145 million in gains, a 5,201% return from trades made between February 2021 and June 2022. This early SHIB trading success story marked one of the most lucrative in the crypto space, turning a well-timed entry and exit to an enviable profit. However, recent investments in SHIB have not mirrored this historical success.

Since June 2024, the whale acquired 968.3 billion SHIB, but the holding has significantly decreased in value, leading to an unrealized loss of $11.51 million, a 45.9% loss from the initial capital. 

Given this loss, the investor made a decisive move to exchange 255.62 billion SHIB, valued at $3.5 million, for 3.114 million FET on Friday, August 30.

This swap happened as FET saw a 14% price increase Friday evening. Even as the whale made this move, it has not completely exited its SHIB position, continuing to hold 713 billion SHIB, worth about $10 million. This suggests a two-pronged approach of moving capital to a rising asset like FET while still holding a position in SHIB, potentially betting on a future rebound.

Chart by Spot On Chain

Even before this recent swap, the whale demonstrated their commitment to SHIB with a major purchase on June 5th, accumulating more Shiba Inu tokens from a two-year break in trading SHIB. As recorded by Spot On Chain, the whale swapped 4,849 Wrapped Ethereum (WETH), valued at $18.5 million at the time, for 715.8 billion SHIB. The move caused a 4.6% spike in SHIB’s price at that time. 

Despite this substantial reinvestment into SHIB, the whale maintained a strong position in Ethereum-based assets, holding a combined total of 9,207 ETH and WETH worth $34.9 million. The whale’s actions suggest a flexible investment strategy, with the portfolio adjusting across different cryptocurrencies to respond to market conditions.