Voyager Digital Moves Billions of SHIB to Coinbase, Signs of Selloff?

Voyager Digital Moves Billions of SHIB to Coinbase, Signs of Selloff?

Bankrupt crypto lender Voyager Digital has moved 1,500 Ethereum (ETH) worth approximately $2.77 million and another 250 billion Shiba Inu (SHIB) equivalent to $2.7 million to Coinbase Exchange. 

Speculation of a Potential Selloff

According to on-chain data first shared by Independent Journalist Colin Wu, the essence of these transfers has sparked speculation in the broader ecosystem.

One of these speculations is a potential selloff as the latest bouts of transfers leaves the embattled crypto lender with only $81.63 million worth of crypto in its wallets. 

Notably, these transactions were carried out 1 hour apart, per data from Etherscan. As noted, the sudden transfer of these tokens has sparked speculation about a potential sell-off. But some sources claimed that Voyager Digital is currently trying to transfer all the tokens in its addresses to the main address.

This selloff speculation is further buttressed by the fact that Voyager Digital has been engaged in selling off its SHIB holding since the beginning of this year.

Voyager Digital is on a SHIB Selling Spree

In February, Voyager Digital transferred almost $10 million worth of digital assets to several cryptocurrency exchanges within 24 hours. Some of the recipient exchanges were Binance U.S., Coinbase, and Kraken. 

The transferred tokens consist of 270 billion SHIB valued at $3.2 million, 4.9 million Voyager Tokens (VGX) worth $2.1 million, 3,050 ETH valued at $3 million, and 221,000 Chainlink (LINK) worth $1.5 million. It is worth noting that these were the market value of the transferred tokens at that time.

Shortly after Binance U.S won the court’s approval to acquire the lender’s assets, blockchain analytic platform Lookonchain revealed that Voyager also disposed off digital assets valued at over $56 million to three crypto exchanges. Three months later, the bankrupt exchange had moved about 350 billion Shiba Inu tokens in different transactions.

The recent huge transfer of SHIB to Coinbase seems to impact less on the community’s sentiment as touching any potential selloff and its aftermath. The token is surprisingly on rampage today, having soared by over 6% in the last 24 hours. At the time of this writing, Shiba Inu was trading at $0.0000108

The Voyager Digital news is not moving investors in part because the official launch of Shiba Inu’s Layer-2 scaling solution Shibarium, coming up this month is expected to also impact positively on the price of the altcoin.

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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