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Shiba Inu whale holds unexpected 55 billion in SHIB

Shiba Inu whale holds unexpected 55 billion in SHIB

GrafaGrafa2024/08/19 06:45
By:Mahathir Bayena

The US Government has been identified as one of the largest holders of Shiba Inu (CRYPTO:SHIB), with nearly 55 billion SHIB tokens valued at approximately $740,000.

This revelation came from data provided by the crypto analytics firm Arkham, highlighting the unique transparency of Blockchain technology that allows the tracking of major investors in real time.

However, it is important to note that the US Government did not purchase or invest in these SHIB tokens.

Instead, the tokens were confiscated during various law enforcement operations.

This finding aligns with the government’s role as the largest holder of Bitcoin (CRYPTO:BTC), with a stash of 203,239 BTC valued at over $12 billion.

Despite this intriguing development, the price outlook for Shiba Inu remains uncertain.

The cryptocurrency has experienced a significant downturn, with its price declining by approximately 7% over the past week and over 20% on a weekly scale.

Several worrying indicators contribute to the bearish sentiment, including a decline in the in-the-money percentage of holders, reduced net network growth, and a decrease in whale activity.

These factors suggest potential challenges for SHIB in the short term, as investor confidence appears to wane amid the ongoing price decline.

The market will be closely watching these developments to gauge the future performance of Shiba Inu, particularly in light of this surprising revelation about the US Government’s holdings.

While the discovery of the US Government's SHIB holdings adds an unexpected twist to the story of Shiba Inu, it does little to alleviate concerns about the cryptocurrency's near-term price trajectory, which remains under significant pressure.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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