The latest buzz in the world of cryptocurrency revolves around the surging Artificial Intelligence (AI) Artificial Superintelligence Alliance (FET) token, as an early Shiba Inu investor decides to swap their losing SHIB for the rising FET token. On August 31, 2024, a Whale who had previously made $145 million in SHIB made a bold move by swapping his 255.62 billion SHIB tokens, valued at $3.5 million, for 3.114 million FET tokens, as reported by the on-chain analytic firm Spotonchain.
SHIB to FET Token: Whale Swapped Million of SHIB
This significant shift from SHIB to FET is sending positive signals in the struggling cryptocurrency market.
In a recent X post (previously Twitter), Spotonchain highlighted that between February 2021 and June 2022, this whale had amassed millions in SHIB tokens. However, a recent purchase of 968.3 billion SHIB tokens resulted in an unrealized loss exceeding $11.5 million.
Despite this setback, the whale decided to pivot towards FET considering the market sentiment and the recent performance of the FET token. Currently, the whale holds 713 billion SHIB tokens valued at $10 million.
FET Price Prediction
Expert technical analysis suggests that FET is currently hovering around a crucial support level of $1.10 after facing rejection from the 200 Exponential Moving Average (EMA) on a daily timeframe. However, there are indications of a bullish inverted head and shoulders pattern forming in the current price action.
Based on historical price trends, there is a strong possibility of FET experiencing a 30% surge to reach the $1.46 level. However, failure to sustain the $1.10 level could lead to a 30% decline, bringing the token down to the $0.751 level.
Open Interest and Price Analysis
As of now, FET is trading close to the $1.175 mark, recording a price increase of over 2% in the past 24 hours. In the same timeframe, major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) are encountering challenges in gaining momentum.
Furthermore, FET’s open interest has seen a 4% decline in the last 24 hours, reflecting reduced trader interest attributed to the prevailing market sentiment.
