Genesis Shiba Inu Whale Swaps Billions of SHIB Holdings for FET

In a move that has caught the attention of the memecoin community, an early Shiba Inu whale has been spotted dumping billions of coins and swapping them for the Artificial Superintelligence Alliance (FET). This transaction, done within the last day, has been perceived as bearish especially since it was done amid a notable Shiba Inu price decline.

Over the last day, SHIB, alongside the global crypto market has seen a major downtrend. According to CoinMarketCap data, the price of SHIB plummeted by 1.28% to trade at $0.00001394 at the time of writing. Moreover, its trading activities within the last 24 hours have also dropped by 8.62%.

SHIB Whale Swap Details

The transaction was first reported by Spot on Chain, an AI-driven market intelligence service, on X (formerly Twitter). According to the post, the early SHIB buyer was swapping his losing position for FET which experienced a significant spike in value in the last 24 hours.

Notably, the whale swapped 255.62 billion SHIB, worth $3.5 million for 3.114 million FET coins, valued at approximately $3.7 million in the last 10 hours. Following the swap, the price of FET jumped by over 14%, translating to substantial profits in his investments. Ultimately, the whale still has 713 billion SHIB (worth $10M) in his portfolio after the swap. Among other holdings include 5.956k ETH, 3.114 million FET, 510.7 WETH, and 1k USDT.

Notably, the whale started trading SHIB in February 2021. During that time, the whale made significant profits from trading the asset. Per Spot on Chain data, the entity made $145 million, a 52x profit from its first trade between February 2021 and June 2022.

After pausing for two years, the whale resumed SHIB trading in 2024 and has seen significant losses from its recent trade. Precisely, Spot on Chain noted that it has seen an unrealized loss of $11.51 million, representing a 45.9% drop in value from its second trade in June 2024.

On June 5, the whale swapped 4,849 WETH (worth $18.5 million) for 715.8 billion SHIB. After the swap at the time, the price of Shiba Inu increased by 4.6%. During his entire trading journey, the whale purchased 9.257 trillion SHIB and sold 8.544 trillion SHIB. This leaves the entity with 713 billion tokens.

Meanwhile, the price of FET has increased by 5.92% in the last 24 hours, trading at $1.18. Also, its one-day trading volume spiked by 11.36% to $235.4 million.