Bankrupt crypto lending firm Voyager Digital has transferred approximately $6 million worth of Ethereum (ETH) and Shiba Inu (SHIB) tokens to Coinbase. The token movement has caused a drop of about 5% in the price of SHIB in the last 24 hours.
Big Transfer from Voyager!
The company holds over one trillion Shiba Inu tokens, which raises concerns about the cryptocurrency’s dumping on exchanges. In the past few days, the Arkham Intelligence control panel has shown several transactions from Voyager to Coinbase deposit addresses, involving digital assets like Ethereum, Shiba Inu, and USDC. The latest transactions included the transfer of 1,500 ETH and 250 billion SHIB tokens to Coinbase.
Market observers claim that these transactions indicate the consolidation of the bankrupt firm’s assets in its main address. This move allowed users to withdraw a portion of their assets before the company liquidates the remaining assets, following the end of the 30-day lock-up period on the charts. It was also reported that the lender’s users withdrew over $250 million from the platform in July.
Critical Data from Voyager!
With the withdrawal window ending, Voyager is preparing for the next phase, where it will liquidate its remaining assets for stablecoins. However, concerns exist that this liquidation could create selling pressure, particularly for Shiba Inu and ETH. According to the Arkham Intelligence panel, the bankrupt lender holds approximately $93.7 million worth of cryptocurrencies.
The breakdown of the cryptocurrencies reveals that Voyager holds over 1.046 trillion SHIB tokens worth more than $11 million in its current position. The company also holds over 5,000 ETH worth over $10 million. Other crypto assets of the company include the native VGX token, Bitcoin, and Shiba Inu. However, Voyager’s SHIB transfer marked the end of the meme coin’s weekend rally. Last week, Shiba Inu surpassed the broader crypto market by increasing its price by more than 20%. However, data shows that the token’s value has dropped by 5% in the last 24 hours.
