FET Token Set to Skyrocket? Shiba Inu Millionaire Makes Big Bet

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The top Artificial Intelligence (AI) Artificial Superintelligence Alliance (FET) token appears to be skyrocketing as an early Shiba Inu buyer swaps their losing SHIB for the rising FET token. On August 31, 2024, a Whale who previously made $145 million in SHIB swapped his 255.62 billion SHIB tokens worth $3.5 million, for 3.114 million FET, as reported by the on-chain analytic firm Spotonchain.

SHIB to FET Token: Whale Swapped Million of SHIB

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

In a post on X (previously Twitter), Spotonchain noted that between February 2021 and Jun 2022, this whale made millions of dollars in SHIB tokens. However, the whale’s recent purchase of 968.3 billion SHIB tokens did not go well, resulting in 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

— Spot On Chain (@spotonchain) August 31, 2024

Though, considering the market sentiment and the FET token’s recent performance he swapped his particle SHIB holding. As of now, this whale shill holds 713 billion SHIB tokens worth $10 million.

FET Price Prediction 

According to expert technical analysis, FET is at 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 appears to be forming a bullish inverted head and should price action pattern.

Source: Trading View

Based on the historical price momentum, there is a high possibility it could soar by 30% to the $1.46 level. However, if it fails to hold the $1.10 level, it could fall by 30% to the $0.751 level.

Open Interest and Price Analysis

At press time, FET is trading near the $1.175 level and has experienced a price surge of over 2% in the last 24 hours. During the same period, major top cryptocurrencies including 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.