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Troubled cryptocurrency lender, Voyager Digital, recently shifted a noteworthy amount of digital assets to Coinbase, a major crypto exchange. Specifically, they moved 1,500 Ether (ETH) valued at approximately $2.77 million and an additional 250 billion Shiba Inu (SHIB) tokens, which holds a value close to $2.7 million, as recorded on Aug. 11 by Etherscan.
The reason for these transactions has been the topic of debate among crypto enthusiasts and market watchers. A dominant theory circulating is that Voyager Digital might be gearing up for a massive sell-off. This speculation finds its roots in the observation that after these transfers, the lender's crypto wallet holdings decreased significantly, now standing at a total value of about $81.63 million.
Etherscan's records show that these transactions took place within an hour of each other, intensifying the conversation around the potential for liquidation. Nevertheless, contrary voices in the industry suggest that Voyager might be in the process of gathering all its tokens spread across multiple addresses into a single primary one. The company’s history with divestments, especially with SHIB since the onset of 2023, lends weight to the sell-off theory. Notably, in February, Voyager had executed transfers totaling close to $10 million in digital assets to several crypto exchanges in just 24 hours.
The February transfers consisted of significant amounts of various tokens: 270 billion SHIB, having a value of $3.2 million; 4.9 million Voyager Token (VGX) with a valuation of $2.1 million; 3,050 ETH, priced at $3 million; and 221,000 Chainlink (LINK) tokens, valued at about $1.5 million. It's worth noting that after the sanctioned takeover of Voyager's assets by Binance.US due to court orders, the blockchain analytics tool, Lookonchain, reported that Voyager offloaded digital assets worth over $56 million on three separate crypto exchanges. Fast forward to three months from that point, and the struggling exchange made moves involving the transfer of a significant 350 billion SHIB tokens.
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