According to data from Arkham Intelligence, the US government holds a substantial amount of Shiba Inu (SHIB) tokens on the blockchain.
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 significant holding of Shiba Inu, the only token held in the billions, raises interest in the government’s potential goals for this token.
Potential Impact of Holding
The US government's holding of Shiba Inu tokens makes it a significant player in the market. If the government were to sell its tokens, it could trigger a bearish impact on SHIB. Despite no official announcements about selling, the holding raises concerns about potential market manipulation and insider trading. A recent example is the German government's sale of over $2 billion worth of Bitcoin, which led to a significant price drop. This illustrates the potential impact of government actions on the cryptocurrency market.
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 popular 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.
It is essential to monitor the government's interactions with Shiba Inu tokens to understand their potential impact on the cryptocurrency market. The government's actions and holdings could have various outcomes for the future price of SHIB.
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