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Voyager’s frenzy sell-off shakes the market with $12M SHIB transfers

Voyager

TL;DR Breakdown

  • Voyager Digital has reportedly sold off over $121 million worth of crypto from the start of February
  • Since February, Voyager has sold 870 billion SHIBs in total
  • Shiba Inu’s sell-off comes as it prepares to launch the beta version of its layer 2 network Shibarium.

The embattled crypto broker platform Voyager Digital has been rapidly liquidating its cryptocurrency holdings. Voyager currently holds crypto assets worth $631 million, with SHIB representing the third-highest value.

In the coming weeks, the Shiba Inu price may continue to be subject to heavy selling pressure as Voyager Digital continues to transfer large amounts of cryptocurrencies to Coinbase, likely to cash them out.

Voyager continues market selloff

Arkham’s analysis of blockchain transaction data reveals that the crypto exchange transferred at least $54 million worth of cryptocurrencies to Coinbase and Binance.US in the past week. In addition, according to Arkham’s data, it transferred at least $24.7 million of ether (ETH), $12.2 million of Shiba Inu (SHIB), and $2.5 million of Chainlink‘s LINK to exchanges over the past week.

Since the beginning of February, the crypto broker has deposited a total of $121.1 million to exchanges. Furthermore, transaction data reveals that the crypto broker received approximately $150 million worth of Circle’s USDC stablecoin from Coinbase over the past four days, presumably as a result of cryptocurrency sales.

Notably, the address that made the transfer to Coinbase received 68 trillion Shiba Inu, or approximately $820,000, from a dormant 0x31FC address just prior to making the transfer. This address acquired these 68 trillion SHIB at a cost of $528 two years ago and has held them ever since.

Additionally, PeckShield disclosed that a Voyager-branded address received approximately $50 million USDC from Coinbase within the past few hours. Since February 14, the bankrupt crypto broker has transferred approximately $28 million worth of Shiba Inu, equivalent to 2.24 trillion SHIB, to Coinbase.

Prior to today’s sale, the insolvent crypto lender still held 6.5 trillion SHIB, or approximately $81 million. Among Voyager’s SHIB holdings, only Ethereum‘s 172,223 ETH ($276 million) and 186 million USDC are larger.

Voyager ceased all operations in July and filed for Chapter 11 bankruptcy protection. As part of the court proceedings, it agreed to auction itself off to Binance.US. However, concerns have grown among federal and state regulators regarding the transaction, with the U.S. Securities and Exchange Commission (SEC) investigating it’s VGX token as an unregistered securities offering.

The recent action of the crypto broker may also signal selling pressure for the firm’s largest crypto holdings, including ETH and SHIB.

What lies ahead for Shiba Inu?

The crypto community will be keeping a close eye on Voyager’s next moves, especially since its largest non-stablecoin crypto holdings may face selling pressure in the coming weeks. While regulatory challenges to the Binance.US transaction add to the uncertainty, the exchange’s confirmation that the acquisition will go forward suggests that Voyager’s sale may provide an opportunity for other players to enter the crypto brokerage space.

Voyager’s financial difficulties highlight the difficulties that crypto businesses face as they navigate the volatile and rapidly evolving crypto market.

Shiba Inu prices have been falling since the beginning of February, and the fear of a large sell-off by Voyager appears to be weighing heavily on sentiment at the moment. If Voyager sold off all of its Shiba Inu coins, it would create massive sell pressure, causing the price to plummet.

The news comes as Shiba Inu prepares to launch the beta version of its layer 2 network Shibarium. Thus, on the one hand, there is the possibility of a strong move north, but there is also the risk of a Voyager dump down south.

A sell-off could be avoided if Voyager holds on to its Shiba Inu until Binance takes over the company and receives regulatory approval. It was recently revealed that Voyager account owners voted unanimously in favor of BinanceUS’s takeover.

In December 2022, the crypto exchange made a $1.022 billion offer. However, the acquisition faces regulatory challenges.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Florence Muchai

Florence Muchai

Florence is a crypto enthusiast and writer who loves to travel. As a digital nomad, she explores the transformative power of blockchain technology. Her writing reflects the limitless possibilities for humanity to connect and grow.

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