270 Billion SHIB Moved By Voyager To Top Crypto Exchanges. Here’s the Likely Impact on SHIB Price

The bankrupt centralized cryptocurrency exchange recently transferred approximately $9.6 million worth of crypto assets to three of the most adopted trading platforms in the United States.

Per an update shared by the top blockchain analytics platform PeckShieldAlert, Voyager Digital which was recently taken to court by another broke centralized exchange FTX, moved varying volumes of Shiba Inu (SHIB), Ethereum (ETH), Chainlink (LINK), and its ecosystem token VGX to Coinbase, Binance US, and Kraken.

Voyager Digital transferred roughly 4.9 million Voyager Token VGX worth about $2.1 million, 221,000 LINK estimated to be $1.5 million, and 3,050 ETH valued at $3 million at the time of the transaction across these exchanges. 

In addition, the largest volume transfer in this scenario was recorded when the once-thriving crypto trading platform moved a whopping 270 billion SHIB tokens. PeckShieldAlert further added that one of Voyager’s addresses held 6.8 trillion Shiba Inu (SHIB) as of Thursday. Accordingly, this address ranks as the 18th-largest holder of the decentralized meme token, SHIB. 

Read Also: Binance Moved 1.8 Trillion Shiba Inu (SHIB). Here’s the Destination

How Voyager Could Impact SHIB Price

Voyager’s latest transfer of Shiba Inu to crypto exchanges is one of those transactions SHIB holders should be concerned about. Recall that Voyager became insolvent after the meltdown of the crypto hedge fund Three Arrows Capital (3AC). This led to the purchase of some of Voyager’s assets by Binance US after the court approved the deal in early January. 

Presently, the defunct FTX partner initiated a lawsuit against Voyager Digital. This is an attempt by the collapsed trading firm founded by Sam Bankman-Fried to recover the June 2022 loan repayments it made to Voyager. According to the court filing, the loan repayments were made shortly before FTX collapsed. Hence, it claimed it is legal to recover the interest payments as they seek to repay FTX creditors. 

Shiba Inu holders are wary that Voyager moved these many tokens to sell on the secondary marketplaces in a bid to refund the $446 million loan repayment received from Alameda Research. Should this play out, then SHIB which has been printing long green candles in the last 30 days could change its trajectory toward low levels. Notably, Shiba Inu is up by over 61% and 11% in the last 30 days and 24 hours respectively. 

But it bears mentioning that in a recent outcome, Voyager creditors’ committee and the company itself opposed the attempt by the defunct crypto hedge fund Alameda Research to extract the $446 million loan repayment, according to court filings. Voyager argues that Alameda’s inequitable misconduct and fraud cost them losses amounting to $114 to $122 million.

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