Voyager, one of the corporate whales that went bankrupt last year, has begun transferring millions of dollars from altcoin reserves to the Coinbase wallet.
Voyager moves $27 million altcoin portfolio to Coinbase
According to on-chain data from PeckShieldAlert, crypto company Voyager, which went bankrupt after the Terra crash last year, transferred over $27.7 million in cryptocurrencies to its Coinbase wallet. The data shows that among altcoins carried by Voyager-tagged addresses, there are 270 billion SHIBs in value exceeding $3 million.
Other altcoins that were moved to Coinbase included 17,000 Ethereum (ETH) worth $19 million and 12 million Voyager Token (VGX) worth over $5 million.
#PeckShieldAlert Voyager-labeled addresses have transferred ~$27.7M worth of cryptos to Coinbase, including 17k $ETH (~$19M), 12M $VGX (~$4M), 270B $SHIB (~$3M) within the last 12 hourshttps://t.co/dpeNxPnzt7 pic.twitter.com/hP17Pdk4Et
— PeckShieldAlert (@PeckShieldAlert) March 15, 2023
Coinbase transfer arrived at peak prices
Investors often move their assets to exchanges when they want to sell them. Voyager will likely also cash out the last altcoins it sent to the exchange, as on-chain analytics firm Lookonchain concluded that the bankrupt company may have been selling some of its holdings through Coinbase since last month.
It looks like Voyager has timed the Shiba Inu sale to take place this time at a local summit. SHIB is currently moving into the $0.00001169-0.00001189 region after rising by double digits in the March 14 rally. As Kriptokoin.com, we have stated that Voyager has suppressed the SHIB price with its sales in recent weeks.
SHIB price tries to stay afloat with Shibarium launch
On-chain data shows that while Voyager moved its $27 million altcoin portfolio to Coinbase, the Shiba Inu community sent nearly half a billion tokens to the dead wallet. After the launch of the Shibarium beta testnet, PuppyNet, over the weekend, a large amount of SHIB was permanently removed from circulation.
On Monday, just two days after Shiba lead developer Shytoshi Kusama announced the release of the highly anticipated PuppyNet, the Shiba Inu’s burn rate increased by 2.452 percent. A total of 602.5 million meme tokens were removed from circulation within 24 hours at that time.
Additionally, Shytoshi Kusama confirmed in a late-week announcement that SHIB will be burned in the Shibarium with each transaction. According to the announcement, some of the fees paid as BONE will be converted to Shiba Inu and then sent to dead wallets. This news was one of the most important catalysts behind the long-awaited SHIB price by investors.
How about the SHIB price?
SHIB price is down around 4% today after a double-digit rally on March 14. Downside momentum dominated the market overall, but the bad news is that Shiba still holds its weekly gains in the red. For comparison, BTC and ETH are trading in the green around 10% in the same timeframe.
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