Voyager Digital Transfers Millions in Ethereum and Shiba Inu Tokens to Coinbase
Voyager Digital, a bankrupt crypto lender, recently moved nearly $6 million in Ethereum and Shiba Inu tokens to Coinbase. This asset movement has caused a 5% drop in SHIB’s price within the last 24 hours. With concerns about the impact of dumping the token on exchanges, here are the key points:
- Voyager made several transactions transferring assets like Ethereum, Shiba Inu, and USDC to Coinbase deposit addresses.
- The recent transactions involved the transfer of 1,500 ETH and 250 billion SHIB tokens to Coinbase.
- Market observers suggest that Voyager may be consolidating assets into its main address, potentially indicating further cryptocurrency sales.
- Voyager’s users withdrew over $250 million from the platform in July.
- The bankrupt lender currently holds cryptocurrencies worth $93.7 million, including 1.046 trillion SHIB tokens and over 5k ETH.
With Voyager nearing the liquidation of its remaining assets for stablecoins, there are concerns about potential selling pressure on cryptocurrencies like Shiba Inu and ETH. As a result of Voyager’s SHIB transfer, the meme coin’s weekend rally has ended, with a 5% price drop in the last 24 hours. However, Shiba Inu is expecting the launch of its Shibarium layer-2 network, along with new partnerships to provide more utility for the token.
Hot Take
Voyager Digital’s asset transfers to Coinbase have raised questions about the potential impact on the crypto market, particularly for Shiba Inu. While the liquidation of assets may create selling pressure, the upcoming launch of the Shibarium network and new partnerships could bring renewed interest and utility to the token. It will be interesting to see how these developments shape the future of Shiba Inu and its price performance.
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