Cryptocurrency company Voyager Digital is transferring various coins to exchanges. The Shiba Inu price, in particular, could continue to face heavy selling pressure in the coming weeks as bankrupt cryptocurrency lender Voyager Digital continues to transfer large amounts of cryptocurrencies to Coinbase and possibly cash them out. Voyager currently still has $631 million worth of crypto assets, making SHIB the third highest coin. Here are the details…
Cryptocurrency company’s wallet is mobile
Recently, blockchain intelligence firm PeckShield shared news that Voyager is once again sending cryptocurrencies to Coinbase to increase its liquidity. PeckShield Alert reported on Twitter that Voyager transferred $3.7 million worth of 300 trillion SHIB, $ 6.6 million worth 4,000 ETH and $2 million worth of 5 million VGX to Coinbase. Specifically, the address that made the transfer to Coinbase received 68 trillion Shiba Inu from an idle 0x31FC address shortly before the transfer. This equates to about $820,000. This address bought these 68 trillion SHIB for $528 two years ago and has held it ever since.
Voyager-labeled address has received ~50M $USDC from Coinbase within the last 8 hours pic.twitter.com/lhMLcGAlox
— PeckShieldAlert (@PeckShieldAlert) March 2, 2023
PeckShield also revealed that an address tagged Voyager has received nearly $50 million USDC from Coinbase in the past few hours. As we reported on cryptokoin.com, this reveals that Voyager appears to be confirming and expanding the sale of its assets. Just a few days ago, blockchain monitoring companies Arkham and Lookonchain reported that Voyager received 100 million USDC from Coinbase last week. Also, Voyager has sent assets to Coinbase almost daily since February 14.
As for the Shiba Inu, Voyager has transferred 2.24 trillion SHIB to Coinbase since Feb. 14, equivalent to about $28 million. Prior to today’s sale, the bankrupt crypto company still had 6.5 trillion SHIB, or about $81 million. Voyager’s SHIB assets come in third with 172,223 ETH ($276 million) and 186 million USDC.
SHIB dump coming?
The price of the Shiba Inu has been in a downtrend since the beginning of February and the fear of a major sell-off by Voyager seems to outweigh the sentiment right now. If Voyager sells all of its Shiba Inu coins worth approximately $77.3 million, there will be huge selling pressure that could cause the price to drop. The development also comes at a time when Shiba Inu is about to launch a beta version of its layer-2 network, Shibarium. Therefore, while there is a strong upward movement potential, there is a risk of a downward Voyager dump on the other.
However, it is not yet clear whether it will be sold. Voyager filed for bankruptcy in July 2022 after previous backers, Three Arrows Capital, failed to repay the $650 million loan. Currently, BinanceUS is fighting for the right to acquire the company. A sale could be avoided if Voyager retains the Shiba Inu until Binance takes over the company and gives the green light to regulation. Recently, it was revealed that Voyager’s account holders have unanimously agreed to be taken over by BinanceUS.
The crypto exchange submitted a bid of $1.02 billion in December 2022. However, there are regulatory headwinds ahead of the acquisition. Both the U.S. Securities and Exchange Commission (SEC) and local authorities in the state of Texas have expressed their concerns. Currently, SHIB is trading at $0.00001194 and is trying to hold the key support at $0.000012 on the 1-day chart.
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