Shiba Inu: Voyager Transfers 270 Billion SHIB


Shiba Inu is one of the most ubiquitous memecoin in the market today. Coingecko data notes a continuous upward momentum, with the token gaining nearly 8.3% in the weekly time frame with gains also made in the short periods.

However, these gains might be for naught as Voyager recently moved 270 billion SHIB to several exchanges, namely Binance US, Kraken, and CoinBase.

Voyager is a centralized exchange that went bankrupt due to the collapse of Three Arrows Capital, a crypto hedge fund that imploded back in June last year. 

Recently, the exchange was slapped with a lawsuit by none other than FTX, another failed exchange that crashed this November, which is trying to gain back nearly $445.6 million in loan repayments to pay back its own creditors. 

Voyager’s Struggling Boat

FTX and Voyager have a very interrelated history together. To have a glimpse of this relationship, looking at FTX’s lawsuit will be a must. According to the charges, the defunct exchange is trying to leverage the July 2022 loan payments that FTX made to Voyager.

FTX argues that since the payments were made at such a close date to the exchange’s collapse, it is then legal to recover the interest payments to pay back FTX creditors. 

The filing also encompasses Alameda Research’s own loans on Voyager. 

Totalling around $3 million, the 270 billion Shiba Inu might be Voyager’s answer to FTX’s lawsuit. According to PeckShieldAlert, one of Voyager’s wallets is sitting on 6.8 trillion SHIB, becoming the 18th largest whale of the token. 

If FTX is successful in recouping the loan payments, we might see bigger transactions moving SHIB and other altcoins to exchanges which could set off a cascade of pain for SHIB and the market as a whole. 

Investors Should Be Cautious On These Levels

With the large movement of Shiba Inu to exchanges, there is a chance this will be used to grab liquidity to pay off the $445.6 million lawsuit if Voyager loses.

The token is currently testing $0.00001226 resistance with support at $0.00001192 which may or may not break as it will be dependent if the billions of SHIB deposited to exchanges will be sold to the open market or not. 

Crypto total market cap at $1 trillion on the daily chart | Chart:

Shiba Inu Support Levels

Investors and traders should be cautious and watch the current support level of Shiba Inu as 270 billion SHIB sold to the open market might push the token below $0.00001192.

If a large number of Shiba Inu is sold, the token might drive itself downwards to $0.00001117 or $0.00001038 support levels. 

Featured image from Pirate Ship Vallarta

#Shiba #Inu #Voyager #Transfers #Billion #SHIB


Related Posts

South Korea to examine crypto staking services following the Kraken case

[ad_1] As reported by a local publication on Feb. 15, Korean financial authorities are looking into the staking services market. However, as the unnamed official specified to…

Elon Musk Hints At New Twitter CEO At End-2023, Causes FLOKI To Skyrocket 45%

[ad_1] Elon Musk announced in December of last year that he will step down as CEO of Twitter once a replacement is found, but will continue to…

Bitcoin eyeing ‘next big move’ which could see $19K retest — analyst

[ad_1] Bitcoin (BTC) is headed to either $28,000 or $19,000 and this week could decide all, fresh analysis says. In Twitter comments on Feb. 15, popular trader…

Messari Analyst Reveals Why Polygon Is Set For Steady Growth

[ad_1] Through his tweet today, Messari analyst Tom Dunleavy singled out Polygon as a top-performing crypto asset and further described traits that set the cryptocurrency for further…

Sequoia Capital, Paradigm among VCs facing ‘tricky’ FTX investor lawsuit

[ad_1] Users of bankrupt crypto exchange FTX have reportedly taken aim at financiers who promoted the platform suggesting their efforts added an “air of legitimacy” to the…

Sen. Warren vows reintroduction of AML bill that extends to DAOs and DeFi

[ad_1] A bi-partisan anti-money laundering (AML) bill that covers “decentralized entities” such as decentralized finance (DeFi) protocols and DAOs will soon be reintroduced to Congress, according to…

Leave a Reply

Your email address will not be published. Required fields are marked *