2024-9-2 16:45 |
A prominent early Shiba Inu ($SHIB) investor has recently made a significant move by swapping a large portion of their $SHIB holdings for Fetch.ai ($FET).
Over the past 10 hours, the whale exchanged 255.62 billion $SHIB, valued at $3.5 million, for 3.114 million $FET. This shift comes after the whale’s initial $SHIB investment, which netted an impressive $145 million profit between February 2021 and June 2022. However, their more recent $SHIB trade, initiated in June 2024, has been less fortunate, with an unrealized loss of $11.51 million, or -45.9%.
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
Whale Still Holds $SHIB, Even After The SwapThe decision to move into $FET appears to be timely, as the token has surged by approximately 14%. Despite the swap, the whale still holds a substantial 713 billion $SHIB, worth around $10 million. This strategy could suggest a pivot towards assets with better short-term prospects, particularly given the recent underperformance of $SHIB.
Amid these individual trading decisions, broader concerns about centralization are casting a shadow over the crypto market, particularly for projects like Polygon (MATIC) and Shiba Inu. Both tokens are showing alarming levels of concentration, with the top 10 wallets controlling 69.4% and 61.2% of their respective market caps. This high degree of centralization poses risks to market stability and could potentially lead to price manipulation.
Centralization Threats Loom Over Polygon and Shiba Inu!
MATIC and SHIB are leading the pack in high concentration, with top 10 wallets holding 69.4% and 61.2% of their market caps, respectively.
This level of centralization can mess with market stability and leave the door wide… pic.twitter.com/YfG8FFAOpx
— IBC Group Official (@ibcgroupio) August 31, 2024
Other well-known projects, such as Uniswap (UNI) and even Ethereum (ETH), also show significant wallet concentration, with 50.8% and 44.0% of their market caps held by the top 10 wallets, respectively. In contrast, stablecoins like USDC and DAI exhibit a more decentralized distribution, with top wallets holding less than 25%, highlighting a safer approach in terms of market influence and stability.
As the crypto landscape continues to evolve, these centralization issues could become a critical factor in the long-term viability and trustworthiness of various projects.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: moxumbic/123RF // Image Effects by Colorcinch
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