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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Voyager Sells 1.4 Trillion Shiba Inu, But There’s Good News For SHIB

Jake Simmons
Jake Simmons
1 year ago
2 mins read
Shiba Inu SHIB Voyager

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In a recent revelation, Lookonchain, the on-chain analysis service, reported that Voyager Digital, the now-bankrupt crypto lending platform, has been offloading its crypto assets on Coinbase in recent days. Over the past four days, the defunct lender has sold 49 different crypto assets, netting approximately $63 million. For the SHIB army the most notable sale was the 1.4 trillion Shiba Inu tokens, which amounted to nearly $14.4 million.

Beyond SHIB, Voyager’s sales included significant amounts of Bitcoin (BTC), Ethereum (ETH), Chainlink (LINK), Polygon (MATIC), and Decentraland (MANA). “Voyager has been selling assets on #Coinbase for the past 4 days and has sold 49 tokens for ~$63M. Including: 781 BTC ($23M); 9,570 ETH ($17.6M); 1.4T SHIB ($14.4M); 234,660 LINK ($1.74M); 1.87M MATIC ($1.27M); 3M MANA ($1.1M);”, Lookonchain tweeted.

The sales have significantly reduced Voyager’s crypto holdings. However, they haven’t entirely emptied their coffers. The on-chain analysis service further detailed Voyager’s remaining assets: “Voyager currently holds $11.3M worth of assets, including: 52.4M VGX ($8.27M); 55 BTC ($1.62M); 537K KNC ($371K); 1.18 FTM ($286K); 20.7M STMX ($140K); 4.85M GALA ($111K).”

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While the sales have drawn attention, there’s a silver lining for the SHIB community. According to Lookonchain’s data, Voyager’s SHIB holdings have been completely liquidated. Thus, Voyager’s SHIB holding have gone to zero, suggesting a potential reduction in sell pressure on the Shiba Inu token in the future.

Shiba Inu Price Shows Resilience

Despite the massive sell-off by Voyager, SHIB’s price remained resilient. The token has seen a surge of over 14.2% in the past week. This bullish momentum is largely attributed to the forthcoming Shibarium mainnet launch at the Blockchain Future Conference, starting today. Investors seem optimistic about SHIB’s potential, believing that if the layer-2 scaling solution delivers on its promises, the SHIB token could witness even more substantial gains.

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Shiba Inu Steals The Spotlight, Leaving Bitcoin Behind In A Week Of Price Surges

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At press time, the Shiba Inu price stood at $0.00001019 after finding support at the 38.2% Fibonacci retracement level ($0.00001007). The key resistance on a daily basis is currently the 50% Fibonacci level at $0.00001121. Should a breakout occur, SHIB could rise 21% from its current price to follow through to the 61.8% Fibonacci level. Major resistance is expected at this price level ($0.00001235).

The RSI on a daily basis has been in an ascending trend since the annual low on June 10 and was at 65 at press time. This leaves the SHIB bulls with further room to run. For an explosive double-digit move, the RSI should enter deep overbought territory.

For investors, today’s or tomorrow’s Shibarium launch should be taken with a grain of salt. As usual for the crypto market, it could be a “buy the rumor, sell the news” event, as the impact of the launch might only be seen in the long term over the coming months. In this case, the 200-day EMA at $0.00000938 will be a key support to defend for the bulls.

Shiba Inu price
SHIB price shows resilience, 1-day chart | Source SHIBUSD on TradingView.com
Featured image from iStock, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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