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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.