Bankrupt cryptocurrency lender Voyager digital has recently sent a large amount of digital currency to Nasdaq-listed exchange Coinbase. The transfer included billions of Shiba Inu ($SHIB) tokens that it received from a dormant SHIB whale.
According to data from blockchain intelligence firm PekcShield, Voyager has moved 300 trillion SHIB worth $3.7 million, 4,000 ETH worth $6.6 million, and 5 million VGX worth $2 million to Coinbase, with a Voyager-labeled address having received around $50 million from Coinbase shortly after.
The movements suggest Voyager has been cashing out the funds, which could lead to heavy selling pressure on the digital currencies involved.
Notably, Voyager’s transactions came after it received 68 billion SHIB, worth around $820,000, from a dormant whale that had received the meme-inspired cryptocurrency two years ago, after paying $528 at the time for the tokens.
Since February 14, Voyager has been sending assets to Coinbase regularly. Voyager had transferred 2.24 trillion SHIB, worth about $28 million, to Coinbase since that date, and the bankrupt crypto lender’s holdings still included 6.5 trillion SHIB, roughly $81 million, prior to today’s sale.
Voyager currently holds $631 million worth of crypto assets, with SHIB being its third largest holding, as it still holds 6.5 trillion SHIB. The fear of a big sell-off by Voyager is weighing heavily on Shiba Inu’s price, which has seen investors eagerly anticipate the launch of Shibarium its layer-2 scaling solution.
However, it is not yet clear whether there will be a sell-off. Voyager filed for bankruptcy in July 2022, and recently saw most of its customer, representing 98% of total claims, favor a restructuring plan that will see BinanceUS acquire some of its assets.
Notably, most Shiba Inu investors have shown they aren’t planning on selling en masse, as the median time that users on Coinbase hold onto the meme-inspired cryptocurrency before either selling it or moving it to an external address has surpassed the 230-day mark.
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