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A wallet linked to the United States government has moved
54,897,092,549 Shiba Inu (SHIB) tokens to a newly created Ethereum wallet.
Blockchain analytics platform Arkham Intelligence recorded the transaction on
December 3. Announcing the activity on X.
Meanwhile, Shiba Inu has been
bearish on the H4 chart, seeking support. The daily chart shows that the
price is having a correction.
Government Transfers Seized Shiba Inu
The transfer left the sending wallet, previously linked to
the US government, with no SHIB tokens. The receiving wallet, identified as
‘0x995,’ now holds digital assets valued at $33 million.
The US government obtained the SHIB tokens through the
seizure of assets from Alameda Research, a trading firm tied to the collapsed
crypto exchange FTX. The SHIB tokens were part of a broader forfeiture of over
$700 million in assets related to legal issues surrounding FTX and Alameda.
New Wallet Receives Seized Assets
Arkham’s data indicates the recipient wallet was recently
created. Its initial transaction included $1.061 million in AEGRO tokens,
received from the same government-linked address. Within two hours, the wallet
also accepted other digital assets, including 4,815 ETH, 13.58 million BUSD,
and 631,959 POWR tokens.
US Government Moves 54,897,092,549 Shiba Inu to New Wallet. pic.twitter.com/UyUqoBhdoq
— TheCryptoBasic (@thecryptobasic) December 4, 2024
There is no indication the government sold its SHIB
holdings, as no exchange or OTC addresses are tied to the transaction. The
tokens remain in the recipient wallet.
SHIBUSD-H4 Price Heads Downward After Triple Top
The H4 chart shows that SHIBUSD found resistance around
0.00003290 and consolidated for a while. After forming a triple top, the price
moved downward with strong momentum. Earlier, the price reacted at 0.00002350.
Buyers may wait for the price to find support at this level
and consider going long if a strong bullish reversal pattern forms. A bearish
breakout at 0.00002350, on the other hand, may increase bearish pressure.
SHIBUSD-Daily Undergoing Correction
The daily chart shows that after being bullish for some
time, the price faced rejection at 0.00003290. As of writing, it is undergoing
a correction. The 0.00002350 level may act as support, as the price previously
reacted strongly at this level.
This article was written by Tareq Sikder at www.financemagnates.com.
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