Whale swaps 255.62B SHIB for 3.114M FET after realizing significant losses since June 2024.
SHIB whale made a $145M profit but now shifts focus to FET amid the market downturn.
Despite the FET swap, the whale still holds a substantial 713B SHIB in its portfolio.
A cryptocurrency whale recently made a strategic move, swapping 255.62 billion Shiba Inu (SHIB), valued at 3.5 million, for 3.114 million Fetch.ai (FET) tokens on Friday. This transaction reflects a shift in the whale’s investment strategy as market dynamics evolve.
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
Profit and Loss Analysis
This whale, known for making a substantial profit from early SHIB trades, initially earned 145 million, a 52x return, between February 2021 and June 2022. However, the latest SHIB trade has not fared as well. Since June 2024, the whale has faced an unrealized loss of 11.51 million, equating to a 45.9% decrease in the position’s value. This downturn highlights the risks associated with holding large amounts of volatile assets, especially in a fluctuating market.
Rising FET
The whale’s decision to shift from SHIB to FET appears to be a calculated move. Notably, FET has seen a 14% increase, potentially offering a more promising outlook. Despite this swap, the whale still holds a significant SHIB position, retaining 713 billion tokens worth 10 million, indicating a continued interest in SHIB’s long-term prospects.
FET’s 150% Rally Potential: New Channel Formation Analysis Portfolio Overview and Current Holdings
The whale’s portfolio, now valued at 30.017 million, reflects a slight decrease of 1.876% following these recent transactions. The portfolio’s largest holding remains Ethereum (ETH), with 5,956 ETH valued at 15.050 million.
In addition to the recent SHIB to FET swap, the whale’s portfolio includes 510.7 Wrapped Ether (WETH) worth $1.291 million and 1,001 USDT, equating to $1.001 million. These diversified holdings suggest a balanced approach to managing market volatility.
This strategic adjustment within the whale’s portfolio illustrates a response to current market trends, balancing potential gains in FET while maintaining a substantial position in SHIB. The ongoing market developments will determine the outcome of this decision, emphasizing the importance of agility in cryptocurrency investment strategies.
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