Selling pressure intensifies for popular meme coin Shiba Inu as bankrupt crypto broker Voyager Digital transferred copious amounts of cryptocurrencies to Coinbase, in a desperate bid to boost liquidity.
This has been revealed by blockchain analyst PeckShield. In the tweet shared by the platform, it was found that Voyager shifted 300 trillion SHIB tokens that are worth $3.7 million, 4,000 ETH worth $6.6 million, and 5 million VGX valued at $2 million to Coinbase.
Interestingly, just a few hours before the transfer, the address that send the tokens to Coinbase received 68 trillion Shiba Inu, about $820,000, from a dormant 0x31FC address.
Two years back, this address received 68 trillion SHIB at a price of $528 and hold on to them since then.
At present, Voyager still owns $631 million worth of crypto assets, with SHIB accounting for the third highest value.
Two weeks ago, the distressed crypto firm moved 250 billion SHIB tokens, worth approximately $3.4 million, to Coinbase, raising alarm bells.
Many industry experts raised questions about the future of Voyager Digital and its potential impact on the crypto market, as numerous entities and wallets linked with the bankrupt exchange move funds in and out of different exchanges.
As of now, one cannot deduce exactly whether there will be a sell-off but the fear remains. In July 2022, Voyager filed for bankruptcy after Three Arrows Capital was unable to repay $650 million in loans.
Now-defunct crypto exchange FTX initially offered to bail out, a deal that ultimately fell through.
Currently, Binance.US decided to acquire the firm.
Shiba Inu Added To Robinhood Web3 Wallet
A sell-off might be prevented if Voyager holds onto its Shiba Inu until Binance acquires the business and secures regulatory approval. It was recently reported that the majority of Voyager account holders approved of the takeover by BinanceUS.
That said, SHIB has been added to the self-custody Robinhood wallet along with leading crypto such as Polygon [MATIC], Solana [SOL], USDC, etc.
As reported by TronWeekly, the crypto exchange revealed that over 1 million users have signed up for the waitlist and it is now available globally via the Apple App store and downloaded in more than 130 nations.
At the time of writing this post, SHIB was trading at $0.00001194, struggling to hold the key support at $0.000012 in the 1-day chart.