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As digital assets continue to gain traction among traditional institutions, it has become obvious to market watchers that aside from Bitcoin, the world’s leading cryptocurrency, holdings in altcoins have also become popular. Recent data released by Arkham Intelligence shows that the United States government holds a staggering 54.897 billion Shiba Inu tokens.
U.S. government's Shiba Inu Holdings
In a list of assets held by the U.S. government, the total SHIB amounted to 54,897,000,000. Notably, out of the over 100 digital assets listed as part of what the U.S. government holds, only the dog-themed meme coin recorded such a high quantity in the billions.
Tomiwabold OlajideGiven the current trading price of $0.0000172, the value stands at just over $944,000. Although the present worth might seem insignificant, market analysts say the U.S. government might just be betting on the future price of the meme coin rising before offloading it.
Interestingly, given the billions of SHIB tokens in its possession, the U.S. government is a notable whale whose activity might significantly impact the Shiba Inu price. If the authorities decide to offload some of their Shiba inu tokens onto the market, the price effect might be massive and could further spark a bearish trend in the meme coin.
Market stability and potential market impact
Although the U.S. government has not shown any indication that it will sell its assets, such a scenario recently played out with the German government.
The massive sales of Bitcoin by the German government crashed the price of Bitcoin to below $57,000 at the peak of their sales. This buttresses the impact such whales could have on price performance.
Alex DovbnyaHowever, the price of Bitcoin, according to data, has since picked up, and in the past 24 hours climbed by 2.67% to $69,807.74.
As for Shiba Inu, the price remains relatively stable despite a recent drop in whale activities that has raised concerns on the market. Recent on-chain data revealed that there has been a significant decline in Shiba Inu’s large transaction volume, dropping below the $500 billion level.
Denys Serhiichuk
Arman Shirinyan
Dan Burgin
U.Today Editorial Team
Vladislav Sopov