2024-8-2 20:16 |
As Shiba Inu (SHIB) grapples with establishing a solid support level after renewed weakness amidst a broader cryptocurrency market downturn, recent revelations from Arkham Intelligence have elicited mixed reactions within the Shiba Inu (SHIB) community.
According to data from the crypto analysis firm, the U.S. government currently holds 54 billion SHIB tokens, valued at approximately $875,000. This substantial stash is part of a broader portfolio of government crypto holdings, totaling approximately $15.2 billion and including assets such as BTC, USDT, BNB, BUSD, DAI, and TRX.
Data from the firm also revealed that the largest SHIB reserve was located in the token’s burn address, which held over 410 billion SHIB, valued at approximately $6.6 billion. This burn address accounted for approximately 41% of SHIB’s total circulating supply. A Binance cold wallet contained around 37 trillion SHIB, worth roughly $614 million, while a Robinhood cold wallet held about 36 trillion SHIB, valued at approximately $600 million.
That said, while the current SHIB holdings might appear modest, their potential impact could be substantial if the U.S. government were to possess a significantly larger amount and decide to liquidate it all at once. Recent market events, such as the WazirX exchange hack, where $100 million worth of SHIB was stolen and sold within 24 hours with minimal effect on the token’s value, underscore this concern, highlighting SHIB’s resilience.
Meanwhile, on a more optimistic note, analysts are maintaining a positive outlook for SHIB. Recently, analyst Jonathan Carter identified a potential bullish flag pattern suggesting that SHIB’s current trading within a descending channel could indicate a possible and significant trend reversal.
“Shiba Inu is trading in a descending channel, suggesting a potential trend flip. A break above the MA 50 and resistance might spark a major rally. Keep an eye on the $0.000038 target if bullish momentum builds up,” wrote Carter.
Additionally, analyst “CaptToblerone” recently forecasted a potential short-term dip to $0.000017 but anticipated a significant rebound. He projected that SHIB could undergo a substantial bull run, with potential gains up to 24 times from the $0.00001670 range.
At press time, SHIB was trading at $0.0000154, reflecting a 7.03% drop over the past 24 hours.
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