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 Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term 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 days, 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.