The United States government has a substantial holding of Shiba Inu (SHIB) tokens, according to data from Arkham Intelligence.
The government’s blockchain wallet contains 54,897,000,000 (54.89 billion) SHIB tokens, valued at $729,581 at the current price of $0.00001329 per token. This makes Shiba Inu the 19th-biggest token by dollar value in the wallet.
Government’s Crypto Holdings
The US government’s blockchain wallet holds over 100 digital assets worth $12.43 billion. Bitcoin is the most valuable asset in the wallet, currently worth $12.04 billion. The government’s holding of Shiba Inu is significant, considering it is the only token held in the billions. This raises questions about the government’s interest in Shiba Inu and its potential plans for the token.
Potential Impact of Government’s Holding
The US government’s holding of Shiba Inu tokens makes it a whale in the market, whose actions could significantly impact the price of SHIB. If the government were to sell its holding, it could trigger a bearish impact on the asset.
However, there has been no announcement from the government regarding plans to sell. The government’s holding also raises concerns about market manipulation and the potential for insider trading.
A similar scenario occurred recently when the German government sold over $2 billion worth of Bitcoin, leading to a significant price drop. This highlights the potential impact of government actions on the cryptocurrency market. The German government’s sale of Bitcoin was seen as a bearish signal, leading to a decrease in investor confidence and a subsequent price drop.
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Current Market Performance
At press time, Shiba Inu is trading at $0.00001334 per token, down 0.42% over the past 24 hours. The token has also witnessed a dip of 5.33% in the weekly charts. Despite this, Shiba Inu remains a popular token among investors, with a strong community and growing adoption.
The US government’s holding of Shiba Inu tokens is significant to the cryptocurrency market. While the current value of the holding may seem modest compared to other assets in the wallet, it has the potential to impact the price of SHIB significantly.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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