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Voyager Dumps 1.4 Trillion SHIB Tokens: Is Shiba Inu a Bargain Buy Amidst the Sell-Off?

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  • Voyager Digital offloads 1.4 trillion Shiba Inu tokens alongside other crypto assets, raising a total of $63 million.
  • Despite this substantial sell-off, Shiba Inu’s market resilience shines through with a 14.2% price hike in the past week.

Voyager’s Unraveling: A Significant Crypto Offload

Lookonchain, the revered on-chain analysis service, has recently spotlighted Voyager Digital’s decisive move to liquidate its crypto assets on Coinbase. The beleaguered crypto lending platform, which recently declared bankruptcy, disposed of 49 distinct crypto assets within a span of just four days. From this fire sale, the platform amassed roughly $63 million, with the sale of a whopping 1.4 trillion Shiba Inu tokens contributing nearly $14.4 million.

The disposal extended beyond SHIB, enveloping premier crypto assets such as Bitcoin (BTC), Ethereum (ETH), Chainlink (LINK), Polygon (MATIC), and Decentraland (MANA). While these sales significantly diminished Voyager’s crypto reservoir, the company still retains assets worth around $11.3M, according to Lookonchain’s analysis.

A Beacon of Hope for SHIB Enthusiasts

For those staunchly rooting for Shiba Inu, Voyager’s asset disposition carries an encouraging undertone. As deduced from Lookonchain’s insights, Voyager has wholly liquidated its SHIB holdings, thereby driving its SHIB inventory down to zero. This exhaustive sell-off suggests a plausible decrease in the future selling pressure on the Shiba Inu token, a prospect warmly embraced by the SHIB community.

Shiba Inu’s Market Resilience in Focus

Defying the gravity of Voyager’s colossal sell-off, SHIB’s market dynamics exhibit a robust resilience. The token’s price trajectory has soared by a commendable 14.2% within the previous week. This buoyant market sentiment is chiefly anchored to the much-anticipated unveiling of the Shibarium mainnet at the ongoing Blockchain Future Conference. The investor pulse seems to be pounding with optimism regarding SHIB’s potential trajectory, especially if the touted layer-2 scaling solution actualizes its proclaimed promises.

At the time of reporting, Shiba Inu’s price was poised at $0.00001019, bolstered by support from the 38.2% Fibonacci retracement level ($0.00001007). Notably, any impending breakout might propel SHIB’s price by an impressive 21%, targeting the 61.8% Fibonacci threshold. This projected breakout would, however, have to grapple with formidable resistance expected at $0.00001235.

Lastly, the Relative Strength Index (RSI), a pivotal tool that gauges momentum by comparing magnitudes of recent gains and losses, has been on a consistent upswing since its yearly low marked on June 10. This upward RSI trajectory, currently stationed at 65, signals ample room for SHIB bulls to chart further bullish courses, subject to the RSI traversing into the deeply overbought zone.

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Ralf Klein is a computer engineer specializing in database technology, and as such, he was immediately fascinated by the possibilities of blockchain when he first heard about it, especially since this distributed, tamper-proof technology can be the foundation for much more than just cryptocurrencies. At ETHNews, he translates the articles of his English-speaking colleagues for the German readers. Business Email: info@ethnews.com Phone: +49 160 92211628