A major cryptocurrency investor known for their substantial market impact recently executed a significant trade involving 1,003 Ethereum (ETH), valued at around $2.31 million, in exchange for 2.86 billion units of First Neiro On Ethereum (NEIRO). This transaction occurred on September 18, following the investor’s impressive $145 million profit from Shiba Inu (SHIB) between 2021 and 2022. However, recent data revealed that two of their last three ventures did not meet expectations, leading to notable financial setbacks.
What Caused the Recent Losses?
The investor has faced considerable financial shortfalls due to recent altcoin trades. The swap involving NEIRO and ETH, along with another SHIB transaction, has culminated in an unrealized loss totaling $13.48 million. These setbacks have overshadowed previous profits, raising questions about the investor’s current strategies.
Can FET Investments Offset Losses?
Despite these challenges, the whale has not experienced losses across all their trades. On August 30, the investor converted poorly performing SHIB assets into 3.114 million Fetch.ai (FET) coins, which have since shown an upward trend, providing some financial relief.
The investment in FET has resulted in unrealized gains, reflecting a 20.7% increase in value, amounting to approximately $715,000. This indicates that the investor still possesses the ability to make informed and beneficial investment decisions, despite recent setbacks in other ventures.
Currently, the positive performance of FET provides a buffer against the losses from SHIB and NEIRO trades. Nevertheless, there remains uncertainty about the long-term viability of these strategies, given that both losses and gains are not yet fully realized.
Recent data from CoinMarketCap shows FET trading at $1.36, with a 5.22% increase over the last day, while SHIB and NEIRO prices have also risen by 0.10% and 114.33% respectively. These fluctuations underscore the volatile nature of the crypto market, where fortunes can quickly shift.