Crypto Whale Dumps SHIB for FET and NEIRO : A $715K Profit Amid Market Turmoil

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The post Crypto Whale Dumps SHIB for FET and NEIRO : A $715K Profit Amid Market Turmoil appeared first on Coinpedia Fintech News

In the latest update, Spotonchain has highlighted an investor’s strategic move amidst struggling prices in the crypto market. The whale with the address 0x761, which had once made significant gains from SHIB, is now shifting its focus to other tokens, particularly Fetch.AI and Neiro on ETH, to recover from the recent losses.

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… https://t.co/Rh1SIhTtN4 pic.twitter.com/LXajvUQM1t

— Spot On Chain (@spotonchain) September 18, 2024

Whale Swaps $2M Ethereum for NEIRO!

Among the whale’s most recent transactions, one of them involved swapping 1,003 Ethereum (ETH), worth $2.31 million, for 2.86 billion NEIRO tokens. Interestingly, this exchange took place at a time when NEIRO underwent a significant 17x price increase. Despite this surge, the whale’s recent trading history shows mixed results.

Though the whale made $145M from Shiba Inu between 2021 and 2022, 2 out of its 3 recent trades, including the NEIRO on ETH and the 2nd SHIB trade, haven’t been as successful, which resulted in $13.48M in losses.

Shift In Whale’s Strategy With SHIB-FET Swap!

However, in August, there seemed to be a positive turn in the whale’s strategy as 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 proved to be beneficial, as the whale held an unrealized profit of $715,000, or a 20.7% gain, due 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.

Whale’s Portfolio Breakdown

Currently, the whale’s portfolio’s largest portion consists of 4,960 ETH, valued at $11.537 million, making up 43% of its holdings. Nevertheless, they still retain a significant 477.511 billion SHIB worth approximately $6.332 million, which accounts for 24% of the portfolio.

The whale’s FET holdings, valued at $4.235 million, make up 16% of their portfolio. Their NEIRO and NEIROETH positions, valued at $2.279 million and $1.268 million, comprise a smaller yet notable portion of their overall investments.

What do you think? Will this whale win with NEIRO this time? Stay tuned to know more!

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