The bankrupt Voyager Capital is currently causing another stir within the Shiba Inu community. According to blockchain security firm PeckShield, Voyager recently sold 250 billion Shiba Inu tokens worth €3.19 million sent to Coinbase.
Voyager sends large amounts of ETH and SHIB to exchanges
Voyager has transferred a total of $28.7 million in cryptocurrencies to BinanceUS and Coinbase, including 15,000 ETH worth approximately $25.3 million and 250 billion SHIB worth approximately €3.19 million. Remarkably, this transaction took place at a time when the crypto market is just reviving.
According to Etherscan data, the transfer from SHIB to Coinbase took place yesterday at 9:09 PM Dutch time. Shortly thereafter, at 9:46 PM Dutch time, Voyager sent 10,000 Ether worth €15.83 million to Binance US. Seconds later, a transfer of 5,000 ETH to Coinbase followed.
Will Shiba Inu soon face enormous sales pressure?
Those 250 billion tokens are just a portion of the SHIB coins Voyager owns. Important to note is that Voyager still holds 1.6 trillion SHIB ($23.5 million).
The 250 billion tokens are only part of the SHIB coins that Voyager owns. Important to note is that Voyager still has 1.6 trillion SHIB (€22.02 million). The bankrupt crypto broker started moving part of its crypto holdings two weeks ago. Approximately $9.6 million in cryptocurrencies were transferred from Voyager to crypto exchanges Coinbase, Binance US and Kraken, according to PeckShield. This included 270 billion SHIB (€2.81 million).
This already caused concern among Shiba Inu investors at the time about potential selling pressures that could affect SHIB price going forward, and that concern is only increasing now. However, it is not yet certain whether Voyager will actually sell the tokens. While rumors are circulating on Twitter that Voyager may want to capitalize on the recent market rally and sell the altcoins to compensate its creditors, there is no concrete evidence to support these claims.
It is still unclear what the recent transfers mean for the price of Shiba Inu. However, an immediate sale seems unlikely at this point.