An early Shiba Inu (SHIB) investor has recently been making strategic moves as prices struggle alongside the rest of the crypto market.
Despite once profiting significantly from SHIB, the whale with the address 0x761 is shifting focus to other tokens, particularly Fetch.AI (FET) and Neiro on ETH, in an attempt to recover from recent losses.
Whale Swaps Ethereum for NEIRO
One of the whale’s most recent transactions involved swapping 1,003 Ethereum (ETH), worth $2.31 million, for 2.86 billion NEIRO tokens. This exchange took place during a period when NEIRO experienced a significant 17-fold price increase. Despite this surge, the whale’s recent trading history shows mixed results.
This early SHIB buyer swapped 1,003 $ETH ($2.31M) for 2.86B $NEIRO in the last hour, despite the x17 pump!
Though the whale made $145M from $SHIB in 2021/22, 2 out of its 3 recent trades, including #NEIROETH and the 2nd $SHIB trade, haven’t been as successful, resulting in… pic.twitter.com/LXajvUQM1t
— Spot On Chain (@spotonchain) September 18, 2024
For instance, while they previously made $145 million from Shiba Inu between 2021 and 2022, more recent moves have resulted in substantial losses. Specifically, two out of three of their recent trades, including one involving SHIB and another involving Neiro on ETH, have led to a combined loss of $13.48 million.
SHIB-to-FET Swap Results in Profit
However, the whale’s strategy seems to have taken a positive turn in August, when they swapped a portion of their SHIB holdings for FET. On August 30, the investor exchanged 255.62 billion SHIB, valued at $3.5 million, for 3.114 million FET.
This move has proven fruitful, as the whale held an unrealized profit of $715,000, or a 20.7% gain, thanks to a 14% rise in FET’s value by August 31. Notably, this swap came after the whale’s SHIB holdings had suffered a 45.9% loss since June 2024, resulting in a loss of $11.51 million.
Buyer’s Current Holdings
As of now, the whale’s portfolio remains diverse. The largest portion consists of 4,960 ETH, valued at $11.537 million, making up 43% of their holdings. Meanwhile, they still retain a significant SHIB position, with 477.511 billion SHIB worth approximately $6.332 million, accounting for 24% of the portfolio.
The whale’s FET holdings, now valued at $4.235 million, make up 16% of their portfolio. Lastly, their NEIRO and NEIROETH positions, valued at $2.279 million and $1.268 million, respectively, make up a smaller yet notable portion of their overall investments.
