Governments worldwide have been making news for holding cryptocurrencies. It is hardly unexpected that Bitcoin (BTC), the largest cryptocurrency in the world, is present in these wallets. However, many people may find it surprising that the government is hoarding meme coins. According to recent data, the U.S. government holds billions of Shiba Inu.
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U.S. Government’s Shiba Inu Holdings
Arkham Intelligence revealed that the U.S. government has 54,897,000,000 Shiba Inu tokens. The U.S. government now holds 54.89 billion SHIB, valued at $720,801, with one SHIB token trading at $0.00001314 at press time.
The government holding the meme coin is excellent news for the network. But things could go haywire if they decide to sell it.
Volatility in the Shiba Inu Network
The Shiba Inu network has been experiencing extreme volatility. The asset dipped by over 4% throughout the past week. Over the last 24 hours, SHIB recorded a 1.20% decrease.
Amidst this, the token, which has a market capitalization of $7,759,311,329, is still a major participant in the cryptocurrency market.
A 24-hour trading volume of $119,262,865 corresponds to a fully diluted valuation of $13,273,278,898. Of the 999,982,346,341,695 SHIB, the circulating supply is 589,261,459,882,140 SHIB.
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Does The U.S. Government Hold Other Cryptocurrency?
The blockchain wallet connected to the US government contains over 100 digital assets valued at $12.43 billion.
Only Shiba Inu has accumulated cryptocurrency holdings, totalling billions in the wallet. Other notable assets in the government’s portfolio include Ethereum (ETH), Binance Coin (BNB), Tron (TRX), and others.
Potential Market Impact
The German government’s selling spree has raised concerns in the cryptocurrency market.
Also Read: US Government Moves $600M in Silk Road Bitcoin to Coinbase
While the US government hasn’t announced any plans to sell tokens, the possibility could harm the market.