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825 Billion SHIB Dumped by Voyager via Top Exchanges as Shiba Inu Adds Zero

Fri, 03/10/2023 - 11:12
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Yuri Molchan
Failed crypto broker keeps selling assets, including popular meme coin SHIB, which keeps dropping lower
825 Billion SHIB Dumped by Voyager via Top Exchanges as Shiba Inu Adds Zero
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Bankruptcy-battered crypto broker Voyager keeps selling its holdings. According to a report by @OnchainDataNerd, over the past 24 hours, it dumped close to a trillion SHIB, as well as other cryptocurrencies in large amounts on the market via major crypto exchanges Binance and Coinbase.

Meanwhile, Shiba Inu's price keeps falling, along with other altcoins, following Bitcoin's price decline.

825 billion SHIB injected onto market

The source tweeted that Voyager moved massive chunks of Ethereum, VGX, LINK and SHIB to Binance and Coinbase. It was $33 million worth of Ethereum (22,200 tokens), $1 million in LINK, $6 million in VGX and $9 million in the prominent canine token — 825 billion Shiba Inu.

These Voyager liquidations continue while the attention of the market is fully on the bankruptcy of Silvergate crypto-friendly bank and on Bitcoin, which has suddenly dropped below the $20,000 level, driven there by a line of negative factors.

On March 9, Voyager sold half of the amount it moved to Binance and Coinbase now — 400 billion SHIB worth $4.4. million.

By late February, when Voyager had already begun selling its crypto holdings, the Shiba Inu stash was the largest held by this broker. By then, it had been making daily sales of SHIB on a regular basis for three months already.

As of Thursday, Feb. 9, Voyager had sold a total of crypto worth $358.52 million, including Shiba Inu, and received $407.3 million in USDC. It still has $271.5 million in crypto that it intends to liquidate, according to data shared by the Arkham analytics platform.

Related
Five Reasons Why Bitcoin (BTC) Plunged Below $20,000

SHIB price plunges nearly 10%

Over the past 24 hours, the second largest canine crypto, SHIB, has fallen in price by over 9%, reaching the level of $0.00000995 and "adding" another zero to its exchange rate.

This is the lowest point hit by SHIB since the start of November, when the price of the token was pushed down by the collapse of the FTX crypto behemoth.

In its current fall, Shiba Inu is following the flagship crypto Bitcoin, which has been pushed back under the $20,000 level overnight. Among the drivers that caused it are the bankruptcy of Silvergate, equities sell-off, concerns about new rate hikes and the newly proposed U.S. tax on electricity that may hit Bitcoin miners hard.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.