This massive SHIB movement that occurred in the early hours of today may have contributed to the over 10% decline in the price of the second-largest decentralized meme token.
This dump is SHIB price ensues amid the market-wide rally that catapulted Bitcoin (BTC) to nearly $26k per coin on Tuesday.
Notably, Shiba Inu is exchanging hands at $0.00001034 with a trading volume of approximately $451 million in the last 24 hours, at the time of writing.
According to the top blockchain analytics platform PeckShieldAlert, the collapsed crypto lender Voyager Digital moved as much as 270,000,000,000 SHIB tokens to the largest United States-based crypto exchange Coinbase on Wednesday morning.
“Voyager-labeled addresses have transferred ~$27.7M worth of cryptos to Coinbase, including 17k $ETH (~$19M), 12M $VGX (~$4M), 270B $SHIB (~$3M) within the last 12 hours,” PeckShield alerted.
It is widely speculated that the once-thriving crypto-lending platform which is currently undergoing its bankruptcy process in a United States court, may have sold this hefty amount of Shiba Inu tokens to carter for its liquidity problems. However, no official report confirms these claims
This is not the first time Voyager has transferred comparable SHIB volumes to top crypto exchanges including Binance.US and Coinbase. The insolvent crypto firm has been offloading its assets including SHIB, ETH, OCEAN, and LTC among others since February 14. At least $100 million worth of crypto assets have been sold by the company weekly since mid-February.
A recent report showed that Voyager Digital moved 300 billion SHIB on February 27 to Coinbase alongside other assets. Before then, it moved 250 billion SHIB to the same exchange on February 21.
Shiba Inu proponents should be relieved that the massive sell pressure exerted on the meme token by Voyager is gradually coming to an end. Data on Etherscan show that the company has only 3,393,149,342,541 SHIB left on its balance sheet. At its current rate of dumping, the bankrupt crypto firm would clear its SHIB holdings in less than no time.
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