SHIB Whale Swapped $3.5M of SHIB for FET as the AI Token Appears to Be Skyrocketing

This notable shift from SHIB to FET is flashing buying signals in the struggling cryptocurrency market.

A whale who made a hefty profit of $145 million from early Shiba Inu (SHIB) trades has now shifted their focus to the Artificial Intelligence (AI) token Fetch.ai (FET).

On August 31, 2024, a whale who previously made $145 million in SHIB swapped their 255.62 billion SHIB tokens, valued at $3.5 million, for 3.114 million FET, according to on-chain analytics firm Spotonchain.

SHIB Whale Swapped Million of SHIB to FET Token

This significant move from SHIB to FET is signaling buying moments in the struggling crypto market.

In a post on X (formerly Twitter), Spotonchain highlighted that this whale managed to make millions of dollars in SHIB tokens between February 2021 and June 2022.

However, the whale’s recent purchase of 968.3 billion SHIB tokens didn’t go as planned, leaving them with an unrealized loss of over $11.5 million.

This early $SHIB buyer is swapping its losing $SHIB position for the rising $FET!

In the past 10 hours, the whale swapped 255.62B $SHIB ($3.5M) for 3.114M $FET.

Notably, this whale made a $145M (x52) profit from the first trading $SHIB during Feb 2021 – Jun 2022. However, the… https://t.co/UIz4CHekKW pic.twitter.com/Z4BKWFU2qg

But, given the current market sentiment and FET token’s recent performance, they swapped a portion of their remaining SHIB holdings. At the moment, this whale still holds 713 billion SHIB tokens, valued at $10 million.

FET Price Prediction

Expert technical analysis shows that FET is facing a crucial support level of $1.10 after being rejected from the 200 Exponential Moving Average (EMA) on a daily time frame.

However, the current price action seems to be forming a bullish inverted head and shoulders price pattern.

If the price breaks through the neckline of this pattern, there’s a high possibility it could soar by 30% to the $1.46 level. But if it fails to hold the $1.10 level, it could drop by 30% to the $0.751 level.

Open Interest and Price Analysis

At press time, FET trades around the $1.175 level, showing a price surge of over 2% in the last 24 hours. During this time, major top cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) are struggling to gain momentum.

Meanwhile, FET’s open interest has declined by 4% in the last 24 hours, indicating lower interest from traders due to the current market sentiment.

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