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An early Shiba Inu (SHIB) buyer who profited significantly during the Shiba Inu bull run in late 2021 has recently made an unexpected market move.
According to on-chain data provider Spot On Chain, this whale swapped a significant portion of their SHIB holdings for Artificial Superintelligence Alliance (FET), which rose nearly 14% in the last 24 hours.
FET saw a sudden rebound Aug. 30 following four consecutive days of declines. The gains were sustained till press time against the backdrop of the entire crypto market, which traded in losses, with FET up 6.14% in the last 24 hours. Shiba Inu was down 1.46% within this time frame amid choppy sideways price action as August concludes.
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According to Spot On Chain, the whale has swapped 255.62 billion SHIB worth $3.5 million for 3.114 million FET in recent hours.
Still bullish on SHIB?
This whale is no stranger to success with SHIB. Notably, the investor made a staggering $145 million profit, representing a 52x return on their initial investment when they first traded SHIB from February 2021 to June 2022.
In June this year, the Shiba Inu whale boosted its holdings, swapping 4,849 WETH for an additional 715.8 billion SHIB.
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However, this whale’s second major trade in SHIB has been in a losing position, with an unrealized loss of $11.51 million, or -45.9%. This may have likely influenced the pivot toward FET. The decision to swap SHIB for FET appears to be a strategic one, however, it is unclear whether this is a short-term move.
There is a good probability that the whale remains bullish on SHIB because they still have a significant lot of it. According to Spot On Chain, the whale still holds 713 billion SHIB worth $10 million.
This continuing stake suggests that the whale may not be completely abandoning SHIB, either anticipating a future recovery or holding their position as a long-term strategy.
In the coming days, the next moves to be undertaken by this Shiba Inu early buyer will be closely watched by the market.
