Early Shiba Inu investor, made a $145M profit by swapping $3.5M SHIB for FET.
The shift to AI is due to the 6.37% price increase in FET indicating high investor interest.
Shiba Inu (SHIB), saw a significant price surge of 10% on June 5, fueled by notable whale activity. Data revealed that a long-dormant Shiba Inu whale exchanged 1,000 Wrapped Ethereum (WETH) for 149.3M SHIB, valued at $3.476M. This whale had previously been inactive for 2.6 years, after selling 167B SHIB for $6.13M.
Another early investor, who had made $145 million in profits from Shiba Inu trading, also re-entered the market after two years of inactivity. On June 5, this whale accumulated 715.8 billion SHIB by swapping 4,849 WETH (valued at $18.5 million), pushing SHIB’s price up by 4.6%.
Recently, one of the early SHIB investors, who previously made $145 million in profits, has begun divesting from Shiba Inu. In the past 10 hours, this whale swapped 255.62M SHIB, valued at $3.5M, for 3.114 million Fetch.ai (FET) tokens. This move reflects a strategic shift as SHIB’s recent performance has led to unrealized losses of $11.51 million, or 45.9%, since June 2024.
Whale Shift Influencing Memecoin Market
This contributed to a broader rally in the memecoin market, with the total market cap jumping 0.71% to $2.08T. Shiba Inu’s 24-hour volume dipped by 6.07% to $184M, with the price reaching $0.00001398.
The decision to move into Fetch.ai appears as FET has seen a 6.37% price increase, suggesting the whale is looking to capitalize on the rising trend. FET is currently trading at $1.18 with its market cap at $2B and an 8% spike in its 24-hour volume reaching $239M.
While Shiba Inu remains a significant player, the whale’s change to Fetch.ai suggests a strategy amid volatile market conditions. Investors will be watching closely to see how these shifts impact the broader meme coin market in the coming weeks.
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