Voyager Dumps 400 Billion SHIB Tokens Amidst Positive Relations With Binance
Despite Binance US’s acquisition of its assets, Voyager— the insolvent North American cryptocurrency broker, continues to sell off its SHIB (Shiba Inu) tokens. Voyager sold over 400 billion SHIB from one of its wallets, worth nearly $4.45 million.
Today, the broker transferred $38 million worth of crypto from two of its accounts to CEXs — centralized exchanges. Polygon (MATIC), Ethereum (ETH) and Fantom (FTM), and SHIB were transferred to various centralized exchanges concurrently.
Voyager remains a significant holder of SHIB, with 4.4 trillion SHIB tokens still present on their balance sheet. This amount is ten times greater than the number of tokens sold.
Can The Market Expect A SHIB Pump?
The crypto market’s negative reaction to the assumption of another hike in the Fed rate has caused SHIB’s price to fall by 6.2% in the past day. It currently trades at $0.00001057, representing a 13.7% decline over the past week and 25.2% compared to the previous month.
Although SHIB experienced a decline today, it will likely rally soon due to Shibarium’s (Shiba Inu’s layer-two network) public beta launch. This development marks the beginning of an era where the meme coin will offer real-world utility.
The current indicators for SHIB suggest that the meme token is nearing its bottom, after which it may experience a substantial rebound. Shiba Inu’s 30-day moving mean value shows a significant decline and is expected to fall below its average for the last 200 days in about a week.
This could lead traders to anticipate a rise in the value of SHIB, especially with the recent announcement of Shibarium’s launch, which is likely to aid in this potential revival
The Voyager-Binance US Agreement
Reports suggest that a court has given the green light for Binance US to acquire Voyager’s assets despite opposition from the SEC and other regulatory bodies.
Furthermore, the court granted permission for the customers of the insolvent broker to be transferred to the U.S. division of the popular cryptocurrency platform. The overall value of the deal is reportedly around $1.3 billion.
Although the deal has been approved, it is far from finalized. Voyager will probably continue with the sell-off until the assets have been legally moved to Binance US.
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