A Shiba Inu (SHIB) investor who got in early has modified their investing approach by exchanging a substantial portion of their SHIB holdings for Fetch.ai (FET).
Their objective is to take advantage of the recent increase in FET’s worth while mitigating the ongoing losses incurred from SHIB. The whale had previously accumulated substantial earnings from its initial participation in Shiba Inu, amassing $145 million in gains from trades executed between February 2021 and June 2022.
Nevertheless, the latest investments in SHIB have not replicated the same level of achievement seen in the past. Starting in June 2024, the whale has obtained a total of 968.3 billion SHIB. However, the value of this holding has declined dramatically, resulting in an unrealized loss of $11.51 million.
In response to this financial setback, the investor took resolute action by swapping 255.62 billion SHIB, which had a worth of $3.5 million, for 3.114 million FET on August 30th.
Notwithstanding this action, the whale still possesses 713 billion SHIB, which is valued at almost $10 million. This implies adopting a dual strategy of reallocating money to an appreciating asset such as FET, while simultaneously maintaining a position in SHIB, potentially speculating on a future recovery.
Prior to this last exchange, the whale exhibited their dedication to SHIB by making a significant acquisition on June 5th. They exchanged 4,849 Wrapped Ethereum (WETH) for 715.8 billion SHIB, resulting in a 4.6% surge in SHIB’s price.
Notwithstanding this significant reinvestment, the whale retained a dominant position in Ethereum-based assets, possessing a total of 9,207 ETH and WETH valued at $34.9 million.
Recently, Dogecoin (DOGE) has seen a significant increase in net flow into large holders’ wallets, signaling strong bullish activity in the cryptocurrency market.
