In a recent revelation, Lookonchain, the on-chain analysis service, reported that Voyager Digital, the now-bankrupt crypto lending platform, has been offloading its crypto assets on Coinbase in recent days. Over the past four days, the defunct lender has sold 49 different crypto assets, netting approximately $63 million. For the SHIB army the most notable sale was the 1.4 trillion Shiba Inu tokens, which amounted to nearly $14.4 million.
Beyond SHIB, Voyager’s sales included significant amounts of Bitcoin (BTC), Ethereum (ETH), Chainlink (LINK), Polygon (MATIC), and Decentraland (MANA). “Voyager has been selling assets on #Coinbase for the past 4 days and has sold 49 tokens for ~$63M. Including: 781 BTC ($23M); 9,570 ETH ($17.6M); 1.4T SHIB ($14.4M); 234,660 LINK ($1.74M); 1.87M MATIC ($1.27M); 3M MANA ($1.1M);”, Lookonchain tweeted.
The sales have significantly reduced Voyager’s crypto holdings. However, they haven’t entirely emptied their coffers. The on-chain analysis service further detailed Voyager’s remaining assets: “Voyager currently holds $11.3M worth of assets, including: 52.4M VGX ($8.27M); 55 BTC ($1.62M); 537K KNC ($371K); 1.18 FTM ($286K); 20.7M STMX ($140K); 4.85M GALA ($111K).”
While the sales have drawn attention, there’s a silver lining for the SHIB community. According to Lookonchain’s data, Voyager’s SHIB holdings have been completely liquidated. Thus, Voyager’s SHIB holding have gone to zero, suggesting a potential reduction in sell pressure on the Shiba Inu token in the future.
Shiba Inu Price Shows Resilience
Despite the massive sell-off by Voyager, SHIB’s price remained resilient. The token has seen a surge of over 14.2% in the past week. This bullish momentum is largely attributed to the forthcoming Shibarium mainnet launch at the Blockchain Future Conference, starting today. Investors seem optimistic about SHIB’s potential, believing that if the layer-2 scaling solution delivers on its promises, the SHIB token could witness even more substantial gains.
At press time, the Shiba Inu price stood at $0.00001019 after finding support at the 38.2% Fibonacci retracement level ($0.00001007). The key resistance on a daily basis is currently the 50% Fibonacci level at $0.00001121. Should a breakout occur, SHIB could rise 21% from its current price to follow through to the 61.8% Fibonacci level. Major resistance is expected at this price level ($0.00001235).
The RSI on a daily basis has been in an ascending trend since the annual low on June 10 and was at 65 at press time. This leaves the SHIB bulls with further room to run. For an explosive double-digit move, the RSI should enter deep overbought territory.
For investors, today’s or tomorrow’s Shibarium launch should be taken with a grain of salt. As usual for the crypto market, it could be a “buy the rumor, sell the news” event, as the impact of the launch might only be seen in the long term over the coming months. In this case, the 200-day EMA at $0.00000938 will be a key support to defend for the bulls.
Featured image from iStock, chart from TradingView.com
