6.5 Trillion Shiba Inu at Risk as Bankrupt Voyager on a Dumping Spree

Vinod Dsouza
Shiba Inu Crash
Source: MoneyControl.com

Shiba Inu’s price remains on a slippery slope in March 2023 as it faces a risk from a large sell-off. The bankrupt cryptocurrency lending firm Voyager is on a digital asset dumping spree, reported blockchain-tracking firm Arkham and Lookonchain. According to the reports, Voyager is selling $100 million worth of cryptocurrencies through the US trading platform Coinbase every week.

Voyager owns nearly $700 million worth of digital assets and specifically holds 6.5 trillion Shiba Inu tokens in its reserves. The 6.5 trillion SHIB is worth $81 million and a sell-off could make the token nosedive in price.

The development comes at a time when Shiba Inu is nearing the launch of the upcoming Shibarium Beta launch. The risk of heading south through the large sell-offs remains high compared to it heading north, as the Shibarium Beta release date remains to be unknown.

Also Read: How Many Zeores Did Shiba Inu Delete From March 2022 to 2023?

Also, just recently, Voyager sent 250 billion SHIB tokens to Coinbase worth $3.4 million. Data from Etherscan shows that the SHIB transfer to Coinbase from Voyager took place at 3:09 pm EST on Feb. 15th. The transfers also include 15,000 ETH worth $25.3 million to Binance.US and another 5,000 ETH to Coinbase worth $8.4 million. You can read more details about it here.

Below is the list of cryptocurrencies that bankrupt Voyager holds.

Source: Twitter / Lookinchain

Also Read: VeChain Price Prediction For March 2023

Shiba Inu: The Risk of Dumping 6.5 Trillion Tokens

Source: Coinpedia

While Voyager has not dumped 6.5 trillion Shiba Inu tokens, the risk of a sell-off remains at large. In November 2021, a Safemoon whale dumped 2 trillion tokens in one single transaction and its price plunged 10% within minutes. The sell-off created a domino effect of panic selling making Safemoon fall nearly 24% in the day’s trade. You can read more details about it here.

However, if Voyager holds on to its SHIB until Binance takes over the firm, a sell-off might not be on the cards.

Also Read: Exclusive: ‘Bitcoin Depends on the Chinese Market & Not The S&P 500 Anymore’

At press time, Shiba Inu was trading at $0.00001244 and is up 0.5% in the 24 hours day trade. SHIB is down 85.56% from its all time high of $0.00008616, which it reached in October 2021.