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300 Billion SHIB Dumped in 24 Hours, Is Worst for Shiba Inu Just Beginning?

Tue, 02/28/2023 - 14:15
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Gamza Khanzadaev
Bankrupt crypto broker dumps Shiba Inu (SHIB) worth $3.5 million in 24 hours, but worst is ahead
300 Billion SHIB Dumped in 24 Hours, Is Worst for Shiba Inu Just Beginning?
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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.

Shiba Inu (SHIB) Remains Voyager’s Third-Biggest Holding

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.

I Have Enough SHIB, David Gokhshtein Says, Time for Epic 'Stuff'

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.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.