Early SHIB Success Turns Sour in Recent Trading Shift

SponOnChain found an early SHIB whale who made a huge move by swapping their SHIB holdings for FET tokens. In the last few hours, this whale traded 255.62 billion SHIB

A prominent early Shiba Inu (CRYPTO: SHIB) buyer has made a significant move by swapping a portion of their SHIB holdings for Flow (CRYPTO: FET) tokens.

According to the latest data from SponOnChain, in the last few hours, this whale traded 255.62 billion SHIB, currently valued at around $3.5 million, for 3.114 million FET.

This development comes amid concerns over the whale's earlier success with SHIB.

The whale had earlier made a $145 million (x52) profit from the initial round of SHIB trades, which were executed between Feb. 2021 and June 2022. However, the whale's subsequent SHIB transaction, which began in June 2024, has seen unrealized losses to the tune of $11.51 million, or 45.9%.

The decision to pivot toward FET is noteworthy, especially given FET's recent 14% surge.

It's also worth noting that despite the swap, the whale still holds a substantial amount of SHIB — approximately 713 billion tokens, valued at around $10 million.

At press time, SHIB was trading at $0.00001365, down 1.30% over the last 24 hours and 8.43% over the last seven days.

In other related news, Shibburn reported that the burn rate for the token had surged by 68,231.91%. Notably, a single transaction burned nearly 96 million SHIB tokens.

Additionally, Kraken, a major cryptocurrency exchange, announced the launch of SHIB Futures trading, a move that could lead to increased acceptance and activity in the market for the token.

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Shiba Inu Price Action: SHIB Chain Generated Over 6.5 Million Blocks

Shibarium, Shiba Inu's blockchain platform, had generated over 6.5 million total blocks and around 420 million total transactions, according to data from Shibburn.

Moreover, the average gas used per block stood at 24.03 billion.

The total SHIB burnt by Shibarium amounted to 234.63 million tokens, while the total transaction fees paid were 1.035 trillion SHIB.

Interestingly, the number of new daily transactions had decreased substantially.

The Shiba Inu team has been working on several initiatives to enhance the token's utility. Recently, the team announced the upcoming launch of a "Burn Portal" and deployed its latest hard fork.