WARNING: The United States (USA) government has just completed a transaction involving the Shiba Inu cryptocurrency for an amount of approximately $1.6 million.
According to data from the Arkham Intelligence platform, it appeared that the coins were not spent, but simply moved to a new wallet.
However, this does not rule out a possible short-term sale, which would have a negative impact on the SHIB price.
Full details below.
US Government Transfers Large Amount of Shiba Inu Tokens to New Wallet
The latest crypto market news takes us straight into the US government’s wallet, with the Shiba Inu memecoin playing the starring role.
After having seized in April 2023 a good 54.8 billion SHIB tokens Since FTX/Alameda Searchthe institution now seems ready to proceed with the sale.
At the time, the pieces were worth only $500,000, but today the value of the property has more than tripled to a total of approximately $1.64 million.
For now, the government has only transferred all Shiba Inu tokens in possession to a new address.
https://twitter.com/arkham/status/1864029987596025976
Together with the memecoin Shiba Inu, US Wallet also moved all other assets seized in the FTX and Alameda fraud.
Transfers include 5,024 ETH ($18.17 million), $13.58 million in BUSD and other tokens such as AERGO, POWR, AXS, YFI, WBTC.
In total, the government’s new on-chain entity now holds crypto worth $33.2 million.
We do not know if these coins will actually be liquidated, but it is likely that this will happen given the difference from the main wallet.
Usually, in fact, these large institutions carry out movements to new addresses, then transfer the crypto to centralized exchanges to convert the loot into dollars.
This news puts the Shiba Inu crypto community on alert as the sale by the US government could have a significant impact on the price of the asset.
In early November, the same wallet attracted the attention of investors after a series of conversions from altcoins to ether.
The different crypto holdings of the US government according to Arkham Intelligence
The United States (US) government still owns a significant amount of cryptocurrencies, even without accounting for the latest shift in Shiba Inu tokens.
The main portfolio in fact includes a set of assets for a total value of $19.45 billion.
We are talking about a figure that makes it the richest Nation in terms of holding cryptos in the world.
Obviously, the biggest weight of the portfolio rests on Bitcoinwhere we count 198,109 BTC for a value at current prices of $18.98 billion.
Then we find 54,544 ETH which is about $200 million, while the rest is divided into pieces like USDT, WBTC, USDT, USDC and WETH.
Consider that just 4 years ago, in December 2020, the US government’s portfolio was worth just over $1 billion.
Over time, the entity accumulated wealth by seizing crypto assets from frauds And hacks. The hacks of Bitfinex and the mega scam led by the FTX exchange and market maker Alameda Research.
Thanks to the latest price rally in the crypto market, the value of government-held crypto is poised to approach new all-time highs.
Despite the latest movement of Shiba Inu tokens, it is unlikely that the US government intends to liquidate its major holdings.
Especially after the inauguration of Donald Trump in the White House, it will be difficult to sell these assets for dollars. The new president wants to make the United States the largest crypto financial hub in the world, with the aim of establishing a real strategic reserve in Bitcoin.
However, while we wait for Trump’s settlement effect, we can also expect unpleasant surprises.