Voyager Continues Shiba Inu Sales, SHIB Facing New Price Slump?
15 März 2023 - 03:00PM
NEWSBTC
The sale of the remaining crypto assets of bankrupt crypto lender
Voyager continues to be a hot topic for Shiba Inu (SHIB) investors.
Already over the last few weeks, several million US dollars in SHIB
have been liquidated, while the holdings remain high. Voyager seems
to want to slowly reduce its holdings with as little impact as
possible on the market price of the cryptocurrencies affected. This
would at least explain the latest sale of Voyager assets.
Blockchain security firm PeckShield reported today that
Voyager-labeled addresses transferred $27.7 million worth of
cryptos to Coinbase within the last 12 hours. Among them were
270 billion SHIB, the equivalent of about $3 million, as well as
17,000 ETH (about $19 million) and 12 million VGX (about $4
million). Etherscan.io data shows that Voyager initially sent the
270 billion SHIB to an unknown wallet before moving it to a
Coinbase-associated wallet called “Coinbase 10.” Voyager Still
Holds Quite A Lot After the transfer, the wallet associated with
the bankrupt crypto lending platform still holds 3.39 trillion SHIB
worth $38.37 million. Thus, an end to the selling pressure on SHIB
does not seem to be in sight for the time being, with Voyager at
least not dumping all of its Shiba Inu on the market at once,
probably causing a massive price drop. Related Reading: Shiba Inu
Continues To Reduce Token Supply, Removes 490 Million SHIB In One
Day As NewsBTC reported, this is not the first time Voyager has
transferred some of its Shiba Inu to Coinbase to (presumably) sell
the token. According to Arkham, Voyager has sold more than $350
million worth of crypto assets from its on-chain holdings in the
last six weeks. For this, the crypto lender has used Binance US,
Coinbase and direct OTC trading with Wintermute to clear its books.
Since the beginning of March only, Voyager has sent a total of
$138.88 million in over 25 different crypto assets to market makers
and exchanges. Voyager Digital has been selling off $350M+ worth of
crypto-assets from its on-chain holdings over the past 6 weeks.
Here's Arkham's deep dive into which assets are being liquidated
and exactly where capital is moving. pic.twitter.com/lFCrZ7pMXG —
Arkham (@ArkhamIntel) March 9, 2023 The top 3 largest liquidated
assets in the last three months were Ethereum ($181.74 million),
SHIB ($67.54 million) and VGX ($28.82 million). The liquidation
process began in January, when $36.27 million worth of MATIC was
moved to exchanges. Since then, however, the rate of sales has
increased significantly. Related Reading: Shiba Inu Outpaces
Dogecoin With 23% Price Increase In 2023 In February, $183.37
million worth of crypto assets were liquidated from Voyager
addresses during the month. According to Arkham, about only 3-4% of
the total liquidation volume was transacted directly
over-the-counter with Wintermute addresses. The majority was likely
sold on the market. Shiba Inu Price Retests Key Support Again The
recent Voyager sell-off comes at a time when the SHIB price has
managed to turn the $0.00001086 mark back into support over the
past four days. Today, a retest of this crucial support appears to
be on the table for SHIB. If SHIB holds this support, a renewed
push towards the 200-day exponential moving average (EMA) would be
possible before resistance at $0.000012 comes into focus. If SHIB
falls below the support, a drop towards $0.00000965 seems to be
likely. Featured image from Minh Pham / Unsplash, chart from
TradingView.com
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