Shiba Inu Price At Risk Of Drop; Here’s Why

Shiba Inu Price Alert: Voyager, a crypto lender that halted all trading and filed for bankruptcy protection in July is now shaking the crypto market. As per reports, the embattled crypto broker platform has been selling off its cryptocurrency holdings at a fast rate. Many investors fear that Voyager’s recent transactions might lead to a price dump for the firm’s largest holdings, notably for Ethereum (ETH) and Shiba Inu (SHIB).

Voyager Dumps Shiba Inu

As per the data provided by Arkham Intelligence, Voyager Digital transferred almost $121 million worth of digital assets to different crypto exchanges in February and received some $150 million in USDC stablecoins in the last four days.

Voyager continuing to sell assets at a rate of around $100M/week.

Currently, they hold almost $700M in two very large wallets.

Their top holdings:

$268M ETH
$236M USDC
$77M SHIB

— Arkham (@ArkhamIntel) February 28, 2023

Previously, blockchain security firm PeckShield reported that Voyager moved 250 billion Shiba Inu (approx worth $3.2 million) to Coinbase. Data from Etherscan shows that the SHIB transfer took place at 3:09 pm EST on February 15, 2023.

Shiba Inu Price To Lose Momentum?

Even after selling billions of SHIB, the same wallet is holding over six trillion Shiba Inu coins at the moment. The address is among the top 20 largest holders of SHIB tokens.

The SHIB price has dropped 2.27% in the last 24 hours and more than 8% over the past 7 days. SHIB is trading at an average price of $0.00001236, at the press time. Its one-day trading volume is down by 11.28% to stand at $190 million.

Looking at the recent Shiba Inu price run, it is expected that the crypto broker platform might move its cumulative SHIB holding to revive funds. Which could lead Shiba Inu towards a massive price dump along with the other cryptocurrencies.

Also Read: Tesla’s Investor Day: Dogecoin Price Could See Another Bull Rally Soon

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.