As an analyst with over two decades of experience in the financial markets, I have witnessed numerous unexpected moves and transactions that have shaped the course of various assets. The recent transfer of 54 billion Shiba Inu tokens by the US government has certainly caught my attention, given its magnitude and potential implications for the cryptocurrency market.
A digital wallet associated with the U.S. government has recently transferred approximately 54 billion Shiba Inu (SHIB) tokens to a new wallet, as reported by blockchain analytics platform Arkham Intelligence on December 3. On X, Arkham shared this information, saying, “ATTENTION: The U.S. GOVERNMENT IS TRANSFERRING $1.5 MILLION WORTH OF SHIBA INU.
To clarify, an amount of approximately 54,897,092,549 Shiba Inu (SHIB) tokens were moved from the US government’s Ethereum wallet to the wallet with the address ‘0x995’. This transfer left the sending wallet empty as it no longer owns any SHIB tokens. Currently, the receiving wallet, now worth around $33 million in total cryptocurrency assets, continues to hold these transferred assets.
Significantly, the U.S. government obtained Shiba Inu (SHIB) tokens as a result of seizing assets from Alameda Research, a trading company linked to the collapsed crypto exchange FTX. This seizure was a part of a larger forfeiture case involving over $700 million in assets due to legal complications related to FTX and Alameda. The SHIB tokens were one type of digital assets confiscated during this process.
According to the data from Arkham, it appears that the recipient wallet is a new one. The initial transaction involved receiving approximately $1.061 million in AEGRO tokens from the same wallet which had previously transferred SHIB tokens. Within just two hours of this, additional cryptocurrencies were sent to this wallet from a US government-linked address. These included 4,815 ETH (around $17.9 million), 13.58 million BUSD ($133 million), and 631,959 POWR ($221,000).
Although there’s no definitive evidence showing the U.S. government has offloaded its SHIB tokens yet, the lack of traceable transactions on exchanges or over-the-counter markets hints that they might still be in possession of the digital assets.
Shiba Inu Price Analysis: Potential For A 130% Surge?
Crypto expert Rony Kapoor (@LearnRony) recently posted a side-by-side analysis on platform X, suggesting that the growth spurt in Shiba Inu (SHIB) might mirror Dogecoin (DOGE)’s: “It seems that Shiba Inu may experience a similar surge as Dogecoin did. Shiba Inu appears to be forming a large Cup & Handle pattern, much like Dogecoin prior to its dramatic rise. It’s only a matter of time before Shiba Inu skyrockets!
The chart for Dogecoin (DOGE) shows a distinct “Cup and Handle” structure – a positive pattern that typically signals an upcoming surge in price after a significant jump. In this case, DOGE’s ‘handle’ formed close to $0.21. After a phase of stability, the token then climbed to around $0.48, which marks a considerable 128% rise from the point of the breakout.
In much the same vein, Shiba Inu’s graph suggests it might be forming a Cup and Handle pattern, which is yet to fully materialize. At present, its trading value hovers near $0.000030, with potential resistance points at $0.000038 – this being the projected handle resistance. If Shiba Inu’s progress mirrors that of Dogecoin, a successful breakout could aim for approximately $0.000087 in price, given the proportional growth seen in Dogecoin’s past movements.
Based on certain technical tools like Fibonacci retracement levels, this analysis suggests that SHIB’s current price at $0.000032 is below the 0.618 Fibonacci level. If it manages to break above this point, SHIB could potentially aim for the 0.786 Fibonacci level, which is around $0.000038. Furthermore, other potential targets include the peak from March at $0.00004569. It’s worth mentioning that the price predicted from the identified Cup and Handle pattern by Kapoor aligns closely with the all-time high of $0.00008854.
Read More
- ARB PREDICTION. ARB cryptocurrency
- ZK PREDICTION. ZK cryptocurrency
- W PREDICTION. W cryptocurrency
- XRD PREDICTION. XRD cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- Vishnu Manchu finally ENDS THE SILENCE over ongoing family feud between Manchu Manoj and Mohan Babu
- What Are Silo 18’s Tunnels Connected To? Juliette’s Silo 17?
- XVG PREDICTION. XVG cryptocurrency
- WWE Undisputed Champion Cody Rhodes Drops a Bombshell After His Return
- Is there preload for Path of Exile 2? Yes, but with a few caveats
2024-12-05 03:04