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Billions of Shiba Inu (SHIB) Moved to Coinbase, Selloff Incoming?

Sat, 08/12/2023 - 12:58
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Tomiwabold Olajide
Shiba Inu rallying for fifth consecutive day
Billions of Shiba Inu (SHIB) Moved to Coinbase, Selloff Incoming?
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Crypto assets, including billions of SHIB, were recently transferred by bankrupt crypto lender Voyager, thus sparking speculation.

As reported by Wu Blockchain, Voyager has shifted 250 billion SHIB worth $2.7 million and 1,500 ETH valued at $2.77 million to the Coinbase crypto exchange. The source speculates that Voyager is presently moving all remaining tokens to the main address, with about $81.63 million worth of cryptocurrency in Voyager addresses.

The move of the crypto assets to Coinbase might be to sell them. This is possible as Voyager has been selling off its SHIB holdings and other assets since the start of the year.

U.Today's last reporting gave the Voyager holdings of SHIB to be 2 trillion SHIB, or 2,060,881,606,627, which amounted to 8.9% of the total holdings or the fourth largest asset held.

Crypto lender Voyager filed for bankruptcy in July 2022, affected by the Terra implosion. Thus, a possible scenario as it seeks to compensate affected users might be to continue liquidating its crypto assets.

Shiba Inu sustains rally

Shiba Inu is rallying for the fifth consecutive day in a row. At the time of writing, SHIB was up 8.29% in the last 24 hours to $0.00001086. The token has also gained 15.35% in the last seven days.

SHIB initiated a rise from Aug. 7 lows of $0.0000087, and bulls have done remarkably well to push SHIB above the psychological $0.00001 level, thus erasing a zero from its price.

With 57.3 trillion (57,349,693,041,979) SHIB worth $623,613,306 traded in the last 24 hours, SHIB is seeing almost twice the volumes of Cardano and Dogecoin combined.

Shiba Inu Developer Activity Boosts SHIB by 25% as Network Grows: On-chain Data

As enthusiasm rises on SHIB, crypto analyst Ali warns of impending profit taking on SHIB's price in the short term, citing a sell signal flashed by the TD Sequential.

"Shiba Inu Caution advised. The TD Sequential presented a sell signal on SHIB 4-hour chart, anticipating a one to four candlestick correction," Ali wrote.

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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.