A recent transaction by a prominent cryptocurrency investor has attracted attention. The whale swapped a significant number of Shiba Inu (SHIB) tokens for Artificial Superintelligence Alliance (FET) tokens, impacting their value.
Asset Reallocation by the Whale
According to a tweet from @spotonchain on X, an early SHIB whale decided to shift his position and swapped 255.6 billion SHIB, valued at $3.11 million, for FET tokens. This transaction led to a 14% increase in FET's price. Despite this major trade, the investor still holds $10 million worth of SHIB. The whale has been investing in SHIB since December 2021 and managed to make $145 million in profit from trading between February 21 and June 22. However, the position later incurred an unrealized loss of $11.51 million, prompting the decision to recover some losses through asset swap.
FET Price Dynamics
The daily chart structure of FET shows a positive outlook. Last week, FET demonstrated a range breakout, leading to a bullish reversal. During intraday trading, FET stayed above the 20-day EMA, at $1.16. The trading volume rose by 23% to $237.49 million, indicating increased investor optimism. FET has shown a 50% increase over the past two weeks due to heightened buyer activity. The Chaikin Money Flow (CMF) indicator suggests an increase in capital inflows, and the RSI at 56 indicates a bullish momentum.
Overall Market Perspective
According to IntoTheBlock data, about 48.66% of FET holders are in profit at the current price levels, while over 40% of addresses are still at a loss. Despite the price gain, the futures open interest declined by 3.20% to $54.27 million, indicating potential short-covering activity. If FET manages to stay above the 20-day EMA, the price could rise to $1.80 and then to $2. Otherwise, support may be found at $0.92 and $0.80.
The actions of a major investor led to significant changes in the FET market, indicating continued interest in the cryptocurrency and its price dynamics.
Comments