Voyager’s Token Transfer to Coinbase Raises Speculation of Sell-Off
Voyager Digital, a bankrupt cryptocurrency lender, recently transferred 1,500 Ether (ETH) and 250 billion Shiba Inu (SHIB) tokens to the crypto exchange Coinbase. This move has sparked speculation within the crypto community, with some suggesting a possible sell-off. The transfers have significantly reduced Voyager’s wallet holdings to approximately $81.63 million.
The Theory Behind the Transactions
The transfers occurred at one-hour intervals, fueling discussions about a potential liquidation. However, some sources claim that Voyager is consolidating all tokens from different addresses into one primary address.
The idea of a sell-off is further supported by Voyager’s ongoing divestment of its SHIB holdings since the beginning of 2023. In February, the company transferred nearly $10 million worth of digital assets to multiple cryptocurrency exchanges in a single day.
Movements of Tokens
Among the tokens that were moved are 270 billion SHIB tokens, worth $3.2 million; 4.9 million Voyager Token (VGX), worth $2.1 million; 3,050 ETH, worth $3 million; and 221,000 Chainlink (LINK), worth $1.5 million.
Previous Liquidation Activities
Earlier this year, Binance.US acquired Voyager’s assets through a court-sanctioned process. Following that, a blockchain analysis platform revealed that Voyager liquidated over $56 million worth of digital assets on three different cryptocurrency exchanges. Approximately three months later, the insolvent exchange conducted various transactions involving the transfer of around 350 billion SHIB tokens.
It remains uncertain whether the transfers to Coinbase are part of a sell-off strategy or simply a consolidation effort by Voyager. However, the market will closely monitor any further developments in the coming days.
Speculation in the cryptocurrency market is nothing new, and instances like Voyager’s token transfer to Coinbase only add to the intrigue. While it’s crucial to keep an eye on these developments, it’s equally important to stay informed about the latest news and trends in the crypto world. For the latest updates, analysis, and insights on all things crypto, visit Uber Crypto News. Stay ahead of the game with Uber Crypto News!