Bankrupt cryptocurrency lender Voyager Digital transferred 1,500 Ether (ETH), price round $2.77 million and a further 250 billion Shiba Inu (SHIB), price roughly $2.7 million, to crypto alternate Coinbase on Aug.11, according to Etherscan.
The motive behind the transactions has triggered hypothesis inside the broader crypto group. One principle suggests a possible sell-off, provided that the transfers have diminished the distressed crypto lender’s pockets holdings to $81.63 million of digital property.
Considerably, these transactions occurred at a one-hour interval, as indicated by Etherscan data. The abrupt motion of those tokens has triggered discussions concerning a doable liquidation. Nevertheless, sure sources assert that Voyager Digital is presently within the strategy of consolidating all tokens from varied addresses right into a major deal with.
The hypothesis of a sell-off beneficial properties further assist from Voyager Digital’s ongoing development of divesting its SHIB holdings for the reason that begin of this 12 months. In February, the corporate executed transfers of nearly $10 million worth of digital assets to a number of cryptocurrency exchanges inside a single day.
The tokens moved embody 270 billion SHIB, valued at $3.2 million, 4.9 million Voyager Tokens (VGX) with an estimated price of $2.1 million, 3,050 ETH equating to $3 million and 221,000 Chainlink (LINK) amounting to roughly $1.5 million. It is vital to focus on that these valuations corresponded to the tokens’ market values throughout the time of the switch.
Following Binance U.S.’s court-sanctioned acquisition of the lender’s assets, blockchain evaluation platform Lookonchain disclosed that Voyager liquidated digital holdings exceeding $56 million throughout three cryptocurrency exchanges. Roughly three months later, the bancrupt alternate engaged in varied transactions involving the switch of round 350 billion Shiba Inu tokens.
The substantial SHIB switch to Coinbase seems to have a comparatively modest impact on group sentiment concerning potential sell-offs and their penalties.