An early SHIB whale made a significant move by exchanging their holdings for FET tokens. This maneuver has sparked interest and discussion among the crypto market participants.
The Swap Event
In the last few hours, an early SHIB investor swapped 255.62 billion SHIB, worth about $3.5 million, for 3.114 million FET tokens. According to SpotOnChain, this trade has raised some concerns in the crypto market.
Context and Outcomes
From February 2021 to June 2022, this investor generated an impressive $145 million profit, achieving a 52x return on their initial SHIB trade. However, their recent SHIB transaction, which began in June 2024, has not been as successful, resulting in an unrealized loss of $11.51 million, marking a 45.9% drop. In this context, the switch to FET is timely, particularly considering FET's recent 14% increase.
Current Status and Future of SHIB
Despite the swap, the whale still holds a substantial amount of SHIB—approximately 713 billion tokens valued at around $10 million. As of writing, SHIB was trading at $0.00001365, down 1.30% over the last 24 hours and 8.43% over the last seven days. Shibburn reports a significant increase in SHIB's burn rate by 68,231.91%. Notably, a single transaction burnt nearly 96 million SHIB tokens. Kraken, a major cryptocurrency exchange, added support for SHIB Futures trading, which might boost market activity. Shibarium, Shiba Inu’s blockchain platform, has generated over 6.5 million total blocks and approximately 420 million total transactions. Despite this, the number of new daily transactions has notably decreased. The Shiba Inu team is consistently working on enhancements, recently announcing the release of a 'Burn Portal' and the deployment of their latest hard fork.
This swap indicates strategic market adaptations by investors. Retaining a significant portion of SHIB, the investor still shows confidence in the token, which could influence its future.
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