Shiba Inu
Shiba Inu whale swaps SHIB worth $3.5M for AI token FET – Here’s why
Interest in AI-linked crypto assets is rising, but are market whales listening too?
- SHIB and FET have declined over the last 24 hours
- Gap between memecoins and AI tokens remains pretty wide
A recent move by a major whale address highlighted a strategic shift in its portfolio. In doing so, the whale diversified its its holdings between the memecoin Shiba Inu and the Artificial SuperIntelligence Alliance (FET) token.
In fact, data indicated that the whale has reduced its position in Shiba Inu, opting to allocate more of its assets to FET instead – An AI-focused token.
Less Shiba Inu, more FET
According to Spot on Chain, a whale made a significant move, swapping 255.62 billion Shiba Inu (SHIB) tokens, valued at approximately $3.5 million, for 3.114 million Artificial SuperIntelligence Alliance FET tokens. This whale was an early buyer of SHIB and previously realized a substantial profit of $145 million from trading SHIB between February 2021 and June 2022.
However, due to the recent decline in SHIB’s value, the whale faces an unrealized loss of $11.51 million. This represented a 45.9% fall from the second trade initiated since June 2024. Despite this swap, however, the whale still holds a significant amount of SHIB – 713 billion tokens worth around $10 million.
Shiba Inu and FET show contrasting price patterns
An analysis of Shiba Inu (SHIB) and FET’s price trends on the daily timeframe revealed contrasting patterns.
SHIB has struggled under a persistent bear trend in recent weeks. The chart indicated that its short-moving average (yellow line) has consistently acted as a strong resistance level.
At the time of writing, SHIB was down by over 1%, at approximately $0.000013. Additionally, its RSI was below the neutral line, confirming the bearish trend.
Source: TradingView
On the other hand, while FET has seen some recent declines, its overall trend remains bullish.
In fact, the price chart showed that the short-moving average has acted as a support level, despite these declines. At press time, it was trading at around $1.1, dropping by over 3%. However, its RSI was above the neutral line, confirming its bullish trend.
Source: TradingView
AI tokens see more push than memecoins
According to CoinMarketCap, memecoins currently have a larger market capitalization than AI tokens. At the time of writing, the market capitalization for memecoins stood at nearly $42 billion, compared to $27.7 billion for AI tokens.
However, the data also revealed that while the market capitalization of memecoins has declined recently, AI tokens have seen significant growth.
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This trend highlights the rising popularity of AI tokens like FET, in contrast to the challenges faced by memecoins such as Shiba Inu. The whale’s decision to swap a portion of its SHIB holdings for FET is a strategic move. It is a move meant to capitalize on FET’s gains while minimizing losses from SHIB.
