The crypto market's volatility can transform one crypto into a king at a time and a pawn at another. This article examines the large-scale exchange of SHIB tokens for FET by a major crypto whale.
Who Is the Crypto Whale?
Crypto analytics service Lookonchain revealed details of a transaction where a crypto whale exchanged 255.62 billion SHIB ($3.5 million) for 3.114 million FET to recover 45.9% of its losses from Shiba Inu investments. Previously, this whale made $145 million (x52) from trading SHIB between February 2021 and June 2022.
How Is It a Profitable Deal?
Shiba Inu (SHIB) and Fetch.AI (FET) are popular but belong to different categories, affecting their demand and profitability. SHIB is a meme coin with low value and high supply, making it accessible to hold, but its high volatility limits its performance. FET, however, is an AI-focused crypto benefiting from the rising trend in AI. Since the swap, the FET price has surged nearly 14%, making it a profitable deal.
Final Thoughts
SHIB had its profitable days, but rising competition from new meme coins has reduced the frequency of surges. On the other hand, Fetch.AI, with the growing demand for AI cryptocurrencies, offers a more profitable outlook. Thus, the crypto whale swapped 255.62 billion SHIB ($3.5 million) for 3.114 million FET to recover ongoing losses in Shiba Inu investments.
This transaction highlights the importance of adjusting investment strategies in the evolving crypto market, where timely and well-informed decisions can yield significant profits.
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