The USA Government moves 1.6 million dollars in Shiba Inu tokens

WARNING: The Government of the United States (USA) has just carried out a transaction involving the cryptocurrency Shiba Inu for an amount of approximately 1.6 million dollars.

According to data from the Arkham Intelligence platform, it has emerged that the coins have not been spent, but rather simply moved to a new wallet.

This, however, does not preclude a potential short-term sale, which would have a negative impact on the price of SHIB.

All the details below.

The USA Government moves a large amount of Shiba Inu tokens to a new wallet

The latest news from the crypto market takes us directly into the portfolio of the US Government, with the memecoin Shiba Inu playing the leading role.

After having seized as of April 2023 a good 54.8 billion SHIB tokens from FTX/Alameda Research, the institution now seems ready to proceed with the sale.

At the time, the coins were worth just 500 thousand dollars, but now the value of the holding has more than tripled to a total amount of about 1.64 million dollars.

For the moment, the Government has only transferred all the Shiba Inu tokens in possession to a new address. 

Together with the memecoin Shiba Inu, the US wallet also moved all the other assets seized from the FTX and Alameda fraud.

The 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 new on-chain entity of the Government now holds crypto worth 33.2 million dollars.

We do not know if these coins will actually be liquidated, but it is likely that this will happen given the differentiation from the main wallet. 

Usually, in fact, these large institutions carry out movements to new addresses and 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 American Government could heavily impact the price of the asset.

At the beginning of November, the same portfolio had caught the attention of investors after a series of altcoin conversions into ether.

The various crypto holdings of the American Government according to Arkham Intelligence

The government of the United States (US) still owns a significant amount of cryptocurrencies, even without considering the latest Shiba Inu tokens moved.

The main portfolio actually includes a set of assets for a total value of 19.45 billion dollars.

We are talking about a figure that makes it the richest Nation in terms of crypto holding in the world.

Obviously, the largest weight of the wallet is on Bitcoin, where we count 198.109 BTC for a value at current prices of 18.98 billion dollars.

Next, we find 54.544 ETH which corresponds to approximately 200 million dollars, while the rest is divided into coins like USDT, WBTC, USDT, USDC, and WETH.

Consider that just 4 years ago in December 2020, the portfolio of the USA Government was worth just over 1 billion dollars.

Over time, the entity has accumulated wealth by seizing crypto assets from frauds and hacks. A fitting example of this are the hacks of Bitfinex and the mega scam carried out by the exchange FTX and the market maker Alameda Research.

Thanks to the latest pump in the prices of the crypto market, the value of the crypto owned by the Government is about 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 at the White House, it will be difficult for these assets to be sold for dollars. The new president indeed wants to make the United States the largest crypto financial hub in the world, aiming to build a true strategic reserve in Bitcoin.

Nevertheless, until there is the settlement effect of Trump, we can also expect some unpleasant surprises.