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250 Billion Shiba Inu (SHIB) Transferred by Bankrupt Crypto Lender, Here's Surprising Destination

Thu, 02/16/2023 - 12:50
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Tomiwabold Olajide
Move of 250 billion Shiba Inu tokens met with buying by traders
250 Billion Shiba Inu (SHIB) Transferred by Bankrupt Crypto Lender, Here's Surprising Destination
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The Twitter account of the blockchain security firm PeckShield Alert reports that bankrupt crypto broker Voyager has moved $28.7 million worth of cryptocurrencies recently.

PeckShield Alert gives a breakdown of the cryptocurrencies and where they are headed. The amount of 15,000 ETH was transferred to Binance.US and Coinbase, totaling $25.3 million.

Meanwhile, a whopping 250 billion SHIB worth $3.4 million were moved to the Coinbase exchange.

As reported by U.Today, the bankrupt crypto lender made a transfer of 270 billion SHIB out of its enormous SHIB supply at the start of February.

Here's how SHIB price responded

At the time of publication, SHIB was up 5.15% in the last 24 hours at $0.00001369 after reaching intraday highs of $0.00001399.

The move of the 250 billion Shiba Inu tokens to the Coinbase exchange was met with buying by traders, so the impact was hardly felt.

On Feb. 15, SHIB rallied as high as $0.00001388 after Shiba Inu's lead developer made it known that Shibarium beta was ready and that he would be making a series of Medium posts to introduce the Layer-2 solution.

Related
Shiba Inu (SHIB) Trading Volume Responds With 50% Jump as Price Considers Next Move

Shiba Inu rose along with other dog-themed cryptocurrencies after Tesla CEO Elon Musk posted a picture of his dog Floki posing as the new CEO of Twitter.

Investors had also considered the formation of a bullish signal, the "golden cross," on the Shiba Inu price chart. Though many consider moving averages to be backward-looking data, the formation of a "golden cross," which is when the moving average (MA) 50 crosses above the MA 200, is considered positive by several analysts.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.