The United States government holds a substantial amount of Shiba Inu (SHIB).
Shiba Inu (SHIB) has continued to gain widespread popularity, attracting the interest of retail and institutional clients.
U.S. Government SHIB Holding
Besides retail and institutional investors, the United States government also holds a significant amount of SHIB in its blockchain wallet.
According to data from Arkham Intelligence, the U.S. government holds 54,897,000,000 (54.89 billion) SHIB tokens. Notably, the blockchain wallet affiliated with the U.S. government holds more than 100 digital assets worth $12.43 billion at the time of writing. Out of the total crypto holdings in the wallet, only Shiba Inu has amassed a quantity in the billions.
With a unit of SHIB currently trading at $0.00001329, the 54.89 billion SHIB held by the U.S. government are valued at $729,581. This positions Shiba Inu as the 19th-biggest token by dollar value in the wallet.
Impact of Potential Sell-off
Meanwhile, Bitcoin is the most valuable asset in the wallet, currently worth $12.04 billion. While Shiba Inu’s current value may appear modest compared to Bitcoin, some enthusiasts speculate that the U.S. government might be waiting for a potential price increase before deciding to sell.
Based on its holding of over 54 billion Shiba Inu tokens, the United States government is considered a whale whose actions might significantly impact SHIB’s price action. Should the government decide to offload its SHIB holding, it could trigger a bearish impact on the asset.
In the meantime, the U.S. government has not announced plans to sell. Nonetheless, a similar scenario occurred recently when Germany’s government embarked on a selling spree, dumping over $2 billion worth of BTC. This led to a devastating collapse in the price of Bitcoin, as the asset plunged to $57,000.
At press time, Shiba Inu is trading at $0.00001329 per token, down 1.54% over the past 24 hours. The dog-themed token has also witnessed a dip of 5.58% in the weekly charts.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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Source: https://thecryptobasic.com/2024/08/17/us-government-holds-billions-of-shiba-inu-details/?utm_source=rss&utm_medium=rss&utm_campaign=us-government-holds-billions-of-shiba-inu-details