- SHIB and FET have declined over the last 24 hours
Gap between memecoins and AI tokens remains pretty wide
As a seasoned crypto investor with a penchant for spotting trends and understanding whale behavior, I find the recent shift by a major whale intriguing. The decision to swap a significant portion of Shiba Inu (SHIB) for Artificial SuperIntelligence Alliance (FET) tokens is a strategic move that aligns with my own growing interest in AI-focused projects.
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.
Actually, it seems that the whale chose to decrease its holdings in Shiba Inu and instead increased its investments in FET, an AI-centric cryptocurrency.
Less Shiba Inu, more FET
As reported by Spot on Chain, a major investor in Shiba Inu (SHIB) tokens exchanged a massive amount worth around $3.5 million, equivalent to 255.62 billion SHIB tokens, for approximately 3.114 million Artificial SuperIntelligence Alliance FET tokens. This whale, who initially purchased SHIB early on, had already accumulated a substantial profit of roughly $145 million from trading SHiba Inu between February 2021 and June 2022.
Because SHIB‘s value has dropped lately, the whale now has an unrealized loss of approximately $11.51 million. This is equivalent to a 45.9% decrease from their second trade made since June 2024. Nevertheless, despite this transaction, the whale still owns a substantial amount of SHIB – around 713 billion tokens, valued at roughly $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.
In the past few weeks, Shiba Inu (SHIB) has faced challenges due to a prolonged downtrend, often referred to as a ‘bear trend’. The graph shows that its short-term moving average (represented by the yellow line) has repeatedly functioned as a significant barrier, making it hard for SHIB to advance.
Currently, Shiba Inu (SHIB) is experiencing a drop of more than 1%, currently priced around $0.000013. Furthermore, its Relative Strength Index (RSI) falls below the neutral mark, suggesting a continuing downtrend.
On the other hand, while FET has seen some recent declines, its overall trend remains bullish.
Indeed, the graph demonstrated that the short-term average served as a floor for prices, remaining stable amidst these decreases. Currently, it’s being traded at approximately $1.1, representing a drop of more than 3%. Yet, its Relative Strength Index (RSI) was positioned above the neutral mark, suggesting a bullish trend.
AI tokens see more push than memecoins
As per CoinMarketCap’s latest data, memecoins are currently leading in market value over AI-related tokens. At this moment, the total value of all memecoins is approximately $42 billion, whereas AI tokens have a market cap of around $27.7 billion.
Meanwhile, it was found that although the market value of memecoins has experienced a downturn lately, there has been substantial growth in the area of AI tokens.
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.
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2024-09-01 07:03