Money lenders sell off Shiba Inu amidst its layer 2 beta testing 

Money lenders sell off Shiba Inu amidst its layer 2 beta testing 

Shiba Inu prices have been falling since the start of February, and the worry of a large sell-off by Voyager appears to be weighing heavily on attitude at the present. If Voyager sold off all of its Shiba Inu coins, which are valued at roughly $77.3 million, it would create huge sell pressure, causing the price to fall. Voyager currently still owns $631 million worth of crypto assets, with SHIB accounting for the third highest value.

Voyager Digital Holdings declared bankruptcy in July 2022 after Three Arrows Capital, the previous backers, failed to repay $650 million in loans. The decision was in favour of the reorganisation proposal, which would result in Binance US acquiring part of its assets. On Wednesday, February 28, almost 97 per cent of crypto lender Voyager’s clients decided to file for bankruptcy under Chapter 11, Bankruptcy plan, representing 98% of total claims. They had almost $500 million in assets.

PeckShield, a blockchain intelligence firm revealed a tip that Voyager has once again moved bitcoins to Coinbase to improve its liquidity. Voyager has sent assets to Coinbase almost every day since February 14. The assets transferred since then are- 2.24 trillion SHIB ($28 million), 15,635 ETH ($25 million), 28.5 million VGX ($12.85 million), 640.000 LINK ($4.74 million), 7.75 million OCEAN ($3 million), 350,000 UNI ($2.28 million), 3.26 million MANA ($2.15 million), 4 million ENJ ($1.88 million), and 2.3 million SAND ($1.64 million).

Importantly, just before the transfer, the address that made the transfer to Coinbase got 68 trillion Shiba Inu, or nearly $820,000, from a dormant 0x31FC address. This address acquired these 68 trillion SHIBs two years ago for $528 and has kept them ever since.

Shibarium, Shiba Inu’s layer 2 network, is set to enter beta testing. Exodus, one of the oldest non-custodial crypto wallets, revealed on Twitter that its asset team has “logged” Shiba Inu’s upcoming layer 2 networks. Hence, on the one hand, there is the possibility of a powerful advance north, but there is also the chance of a Huge drop down south.

A sell-off might be prevented if Voyager keeps on to its Shiba Inu until Binance takes over the firm and secures regulatory approval. In December 2022, the crypto exchange made a $1.022 billion offer. It was recently revealed that Voyager account owners voted unanimously in support of BinanceUS’s acquisition.

Related Posts