A major Shiba Inu (SHIB) whale has decided to convert 255.62 billion SHIB tokens, worth about $3.5 million, into 3.114 million tokens of the AI project Artificial SuperIntelligence Alliance (FET). The move represents a change in the whale’s strategy to diversify its portfolio between memecoins like Shiba Inu and artificial intelligence (AI)-related tokens.
Less Shiba Inu, More FET
According to data from Spot on Chain, the whale sold a large portion of SHIB to FET, an AI-focused token. Previously, the whale made a whopping $145 million profit from trading SHIB between February 2021 and June 2022. However, due to the recent decline in the value of SHIB, the whale is facing an unrealized loss of $11.51 million, representing a 45.9% drop since the second transaction in June 2024.
Despite converting a portion of SHIB to FET, the whale still holds 713 billion SHIB tokens, worth around $10 million.
Shiba Inu and FET have opposite price trends
Analysis of the price charts of Shiba Inu (SHIB) and FET on the daily time frame shows contrasting trends. SHIB has been facing a prolonged downtrend in recent weeks, with the short-term moving average continuously acting as a strong resistance. At the time of writing, SHIB is down more than 1% to around $0.000013, and its RSI is below the neutral line, confirming the downtrend.
Conversely, although FET has also seen some recent declines, its overall trend remains bullish. The price chart shows that FET’s short-term moving average has acted as support despite the declines. At the time of writing, FET is trading around $1.1, down more than 3%, but its RSI remains above the neutral line, confirming the bullish trend.
AI Tokens Get More Attention Than Memecoins
According to data from CoinMarketCap, memecoin currently has a larger market capitalization than AI tokens. At the time of writing, memecoin's market capitalization stood at nearly $42 billion, compared to $27.7 billion for AI tokens. However, the data also shows that while memecoin's market capitalization has declined recently, AI tokens have seen significant growth.
This trend shows the growing popularity of AI tokens like FET, in contrast to the challenges facing memecoins like Shiba Inu. The whales' decision to swap part of their SHIB for FET is a strategic move to capitalize on gains from FET while minimizing losses from SHIB.
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