According to on-chain data analytics firm Lookonchain, the distressed crypto lender Voyager Digital rapidly liquidated $63 million worth of crypto assets on oinbase">Coinbase in a period of just four days.
Voyager, which recently filed for bankruptcy protection, sold off 49 different cryptocurrencies to raise capital. This included dumping over 1.4 trillion Shiba Inu tokens for approximately $14.4 million.
Other premier crypto assets liquidated were Bitcoin, Ethereum, Chainlink, Polygon, and Decentraland. While significantly decreasing its reserves, Voyager still retains around $11.3 million in crypto holdings.
The fire sale comes as Voyager attempts to recover from financial turmoil amid the broader crypto market downturn. The company had relied heavily on investments in struggling firms like Three Arrows Capital.
By rapidly converting much of its crypto portfolio to cash, Voyager is aiming to fund its restructuring process and emerge from bankruptcy. However, challenges remain for the lending platform as creditors seek repayment.
The selloff provides insight into Voyager’s precarious position and urgent need for capital. According to on-chain data, the firm wasted no time in its mission to liquidate assets and raise money after filing for bankruptcy.
A Source of Optimism for SHIB Supporters
For fervent Shiba Inu supporters, Voyager’s asset sale conveys a heartening implication. As inferred from Lookonchain’s analysis, Voyager has fully liquidated its entire SHIB reserves, driving its stockpile down to zero.
This exhaustive sell-off suggests a potential reduction in future selling pressure on the Shiba Inu token, a welcome outlook for the SHIB community. With Voyager tapping out its supply, its ability to further depress SHIB prices may be diminished going forward. This glimmer of optimism is likely a relief for SHIB holders bracing for aftershocks following Voyager’s aggressive SHIB dumping.
Shiba Inu Shows Resilience Despite Voyager Selloff
Shiba Inu is displaying sturdy market strength even in the face of Voyager Digital’s massive SHIB sell-off. Over the past week, SHIB prices have risen 14.2% to around $0.00001019.
This positive momentum is largely attributed to optimism surrounding the upcoming Shibarium layer-2 launch. Investor sentiment seems hopeful about SHIB’s potential trajectory if the promised scaling solution delivers.
SHIB currently finds support at the 38.2% Fibonacci level. Any breakout could push prices 21% higher toward the 61.8% Fibonacci resistance around $0.00001235.
For now, Shiba Inu appears unaffected by Voyager’s fire sale. The market mood remains upbeat, focused on Shibarium’s possibilities rather than the recent FUD. SHIB’s durability hints its best days may still lie ahead.
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