BlocksInform
Shiba inu is one of the most widely distributed meme coins on the market these days. 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.
#PeckShieldAlert ~$9.6M worth of cryptos transferred from Voyager to crypto-exchanges Coinbase, Binance US and Kraken, including ~4.9M $VGX (~$2.1M), 221k $LINK ($1.5M), 3,050 $ETH (~$3M), 270B $SHIIB (~$3M) within the last 12 hours pic.twitter.com/fiTOfToujD
— PeckShieldAlert (@PeckShieldAlert) February 2, 2023
Voyager’s Struggling Boat
FTX and Voyager have a very interrelated history together. To gain insight into this relationship, examining the continuation of ftx 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 submits that since the payments were made on such a date as near the collapse of the stock exchange, This makes it legal to collect interest payments to repay creditors.
The deposit includes loans from Alameda Research on Voyager.
One of its address 0x500a still holds 6.8T $SHIB, making it the 18th largest holder of $SHIB pic.twitter.com/KZwAvBSElE
— PeckShieldAlert (@PeckShieldAlert) February 2, 2023
Worth about $3 million, Shiba Inu's 270 billion might be Voyager's response to the FTX trial. According to PeckShieldAlert, one of Voyager’s wallets is sitting on 6.8 trillion SHIB, becoming the 18th largest whale of the token.
Whether ftx manages to recover loan payments, we could see larger deals moving shib and other altcoins to trades that could trigger a cascade of pain for shib and the market as a whole.
Investors should be careful about this.
With Shiba Inu's great move towards trading, there is a chance that this will be used to obtain cash to pay the $445.6 million trial if Voyager loses.
The token is currently testing a resistance of $0.00001226 with support at $0.00001192 that may or may not crack as it will depend on whether the billions of shib traded on the stock exchange will be sold on the free market.
Crypto total market cap at $1 trillion on the daily chart | Chart: TradingView.comShiba Inu Support Levels
Investors and traders should be careful and monitor Shiba Inu's current level of support as 270 billion shib sold on the free market could push the chip below $0.00001192.
If a lot of Inu shiba is sold, the token could drop to $0.00001117 or $0.00001038 support levels.
Screenshot of Pirate Ship Vallarta.
