US government transfers 54 billion SHIB amid crypto scrutiny

On December 3, the U.S. government transferred 54 billion Shiba Inu (CRYPTO:SHIB) tokens, valued at approximately $1.56 million, as reported by Arkham Intelligence.

This transfer has drawn attention within the cryptocurrency community, particularly because SHIB is the second-largest meme coin by market capitalization.

Following the move, SHIB's value dipped by 0.9% over the past 24 hours, trading at $0.00002864.

The transferred tokens were deposited into a consolidated Ethereum (CRYPTO:ETH) wallet now holding assets worth $32.44 million, including 4,815 Ether and $13.10 million in Binance USD (CRYPTO:BUSD).

The wallet is believed to be managed by the U.S. Department of Justice, and the recent addition of SHIB ranks as its third most valuable holding.

This development follows a recent transfer of nearly 20,000 Bitcoin (CRYPTO:BTC) to Coinbase, which sparked discussions about the government's crypto strategy.

Currently, on-chain data indicates that the government holds 198,109 BTC valued at $18.92 billion.

In addition to SHIB and BTC, U.S. Marshals Service-linked wallets contain over 54,544 ether and $122.13 million in Tether (CRYPTO:USDT).

Concerns have arisen regarding the potential impact of government actions on SHIB's price.

As noted by analysts, if the government decides to sell its substantial SHIB holdings, it could lead to significant price fluctuations in the market.

Despite these concerns, there are no current indications that the government plans to liquidate its assets.

Market observers continue to monitor these developments closely as they could influence future trends in the cryptocurrency space.

At the time of reporting, the Shiba Inu (SHIB) price was $0.00002988.