Whale offloads NEIROETH for NEIRO after $1.49M loss

• An early SHIB whale sold $17.5M NEIROETH for $1.22M, taking a 55% loss of $1.49M.
• The whale bought 841.6M $NEIRO, bringing total holdings to 3.85B, with a $2.67M profit.
• The entity made a $1.13M profit from holding FET but faces a $10M loss from SHIB trades.

One of the first major holders of Shiba Inu (SHIB) cryptocurrency, who had previously made $145 million in trades, has just moved from one losing investment to another possible winner. According to Spot On Chain’s X post, the entity sold its 17.5 million NEIROETH, resulting in a 55% loss of approximately $1.49 million. 

The entity that once made $145M from $SHIB is swapping their losing "Neiro Ethereum" for the winning "First Neiro on Ethereum".

5 hours ago, this entity sold all 17.5M #NEIROETH for $1.22M, taking a $1.49M loss (-55%) after a month of holding.

Meanwhile, they further bought… https://t.co/fnlVpC35NO pic.twitter.com/vUhcgPxkqN

— Spot On Chain (@spotonchain) October 8, 2024

Swapping Neiro Ethereum for Neiro

Despite suffering a major loss on NEIROETH, this whale has not shied away from investing in Neiro. In the last 24 hours, the trader bought an extra 841.6m NEIRO for about $145k, holding a total of 3.85 billion NEIRO. The whale has benefited from this move thus far and currently holds an unrealized profit of $2.67 million on their NEIRO bet, which is 67% in the green. The trade is a strategic move, suggesting that he has increased his belief in NEIRO more than NEIROETH.

In addition to the whale’s recent NEIRO activity, other significant movements were observed earlier in September. The whale had swapped 1,003 Ethereum (ETH), worth $2.31 million, for 2.86 billion NEIRO. This transaction occurred despite a dramatic 17-fold increase in the price of NEIRO, further solidifying the entity’s focus on the asset.

Continued Gains in Fetch.ai (FET)

Besides the aggressive moves in the Neiro ecosystem, the whale has also turned a profit with another cryptocurrency, Fetch.ai (FET). Currently, they hold 3.11 million FET, with an unrealized profit of $1.13 million, marking a 32.6% gain on their $4.61 million investment. This gain follows their earlier decision to swap losing SHIB for FET, a trade made on August 30, which initially yielded a $715,000 unrealized profit.

This series of trades reveals the whale’s diversified approach, mixing large-cap tokens like FET with more speculative assets like NEIRO. Their movements suggest a strategic approach to cutting losses while capitalizing on potential gains.

Losses from Shiba Inu

Nonetheless, not all of the whale’s recent trades have been successful. The second trade involving SHIB took a horrible turn and incurred an estimated loss of $10 million or 40%. At the time of writing, the Shib addresses contain 477.5 billion SHIB, which is equivalent to $8.41 million. This is unlike what they achieved with $SHIB, which saw them garner $145 million between 2021/2022. Besides the $1.49 million loss in NEIROETH, the whale has lost $13.48m in other gambles recently.

The post Whale offloads NEIROETH for NEIRO after $1.49M loss appeared first on CryptoTale.