The top Artificial Intelligence (AI) Artificial Superintelligence Alliance (FET) token looks set to skyrocket as an early Shiba Inu buyer trades his losing SHIB for the rising FET token. On August 31, 2024, a Whale who previously made $145 million in SHIB traded his 255.62 billion SHIB tokens, worth $3.5 million, for 3.114 million FET, as reported by on-chain analytics firm Spotonchain.
SHIB to FET token: Whale exchanged millions of SHIB
This notable shift from SHIB to FET is a buy signal in the struggling crypto market.
In a post on X (formerly Twitter), Spotonchain noted that this whale made millions of dollars in SHIB tokens between February 2021 and June 2022. 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.
Although, given the market sentiment and recent performance of the FET token, he has swapped his SHIB particle holdings. At the moment, this whale shill holds 713 billion SHIB tokens worth $10 million.
FET Price Prediction
According to expert technical analysis, FET is positioned at a crucial support level of $1.10 after being rejected by the 200 Exponential Moving Average (EMA) on a daily timeframe. However, the current price action seems to be forming a bullish inverted head and should price action pattern.
Based on the historical price momentum, there is a high chance that it can rise by 30% towards the $1.46 level. However, if it fails to hold the $1.10 level, it could drop by 30% towards the $0.751 level.
Open Interest and Price Analysis
At the time of writing, FET is trading around the $1,175 level and its price has witnessed a price increase of more than 2% over the past 24 hours. Over the same period, major top cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have struggled to gain momentum.
Meanwhile, FET’s open interest has dropped by 4% over the past 24 hours, indicating lower interest from traders due to the current market sentiment.
