- The U.S. government holds 54.89 billion Shiba Inu (SHIB) tokens, valued at approximately $729,581.
- The government’s SHIB holdings could significantly impact the token’s price if sold, given its large volume.
Shiba Inu (SHIB) has garnered substantial attention across retail and institutional circles, with a surprising entity among its holders: the United States government. As per Arkham Intelligence, the US government’s blockchain wallet holds a large quantity of SHIB tokens, proving SHIB’s rising dominance in the crypto market.
SHIB Ranks High in Government’s Diverse Crypto Portfolio
According to the data, the US government has 54.89 billion SHIB tokens in its wallet in the blockchain. This holding is part of a larger digital asset portfolio that consists of more than 100 cryptocurrencies worth over $12. 43 billion. Among these assets, Shiba Inu is notable for ranking as the 19th largest digital asset by market capitalization, even though the price per coin is relatively low.
As of the latest data, SHIB is trading at $0.00001329. This price positions the government’s SHIB holding at approximately $729,581. While this amount may seem modest compared to the wallet’s overall value, the sheer volume of SHIB tokens held by the government highlights its potential impact on the token’s market dynamics.
This has raised eyebrows in the crypto community regarding the possible market effect if the government decides to sell these tokens. Since the government has been established as a “whale” in the SHIB market, the liquidation of its assets may cause a severe bearish impact on the value of SHIB.
In the past, massive government sales have often resulted in a drop in the price of cryptocurrencies. An example is Germany, which sold over $2 billion worth of Bitcoin, which led to a reduction in the price of Bitcoin to $57,000. This can be the same with SHIB if the US government opts to dispose of its assets. As of this writing, the U. S. government has not disclosed any intention to sell the SHIB it holds.
SHIB Experiences Recent Downward Price Trend
Shiba Inu has been on a downward trend since the beginning of March, which is significantly affecting investors. The continuous decline has pushed away many investors in light of reduced trading volumes and decreased market activity.
This bearish trend has reduced the price of SHIB to $0. 00001345, meaning that new and old investors are being affected. Over the last 24 hours, Shib has been down by 1.54%, and the last week showed a decrease of 5.58%.
Leading cryptocurrency analyst Javon Marks has opened up the possibility of a price breakout for Shiba Inu. Marks noted that there were several months of a falling wedge pattern.
This pattern, typical of a bullish market, suggests that SHIB might be on the verge of a major breakout. This price action suggests that a significant price change may be forthcoming soon. Marks also identified a Regular Bullish Divergence on SHIB’s daily chart. This divergence occurs when an asset’s price makes lower lows while the RSI, for example, makes higher lows.
$SHIB (Shiba Inu)’s ≈6X:
Prices of Shiba are currently nearing the converging or breakout point of a massive Falling Wedge pattern on the daily (1d Chart) and with a recent confirmation of a Regular Bullish Divergence, this can be pointing to a bullish breakout!
This can spark… pic.twitter.com/sAUSyrH4q0
— JAVON⚡️MARKS (@JavonTM1) August 17, 2024
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