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Exactly 300 billion Shiba Inu tokens, SHIB, have been sold by bankrupt crypto broker Voyager in the last 24 hours. According to the transaction data, the company received $3.75 million in proceeds from the sale of this volume of SHIB. In total, Voyager has sold 870 billion SHIBs since February, raising more than $10.5 million in aggregate for them. However, assessing the broker's position in Shiba Inu tokens, it seems that the worst is yet to come.
The bankrupt broker still has SHIB 6.2 trillion in its account, which means that all the volume sold in February does not exceed even 15% of what is still available. At the same time, the price of SHIB has fallen by more than 20% from the month's peak, which still allows the Shiba Inu token to post a better monthly result compared to Bitcoin (BTC) and Ethereum (ETH) overall.
One could argue that the SHIB price is successfully resisting the pressure of a large seller, given that Voyager initially had more than 8 trillion Shiba Inu tokens on its balance sheet. Nevertheless, it cannot be said definitively that this trend will continue.
If a bankrupt crypto broker starts to dump tokens more aggressively onto the market, the price of SHIB could suffer significantly in the absence of deterrents, such as the Shibarium narrative.
Arman Shirinyan
Alex Dovbnya
