SHIB, ETH Price Drop Incoming? FTX-Voyager Case Might Be The Reason

Shiba Inu News: Collapsed crypto exchange, FTX sued Voyager, a crypto lender, in order to recover $446 million worth of funds. As per reports, the fund was allotted by FTX before going in for bankruptcy back in November 2022. However, on chain data trackers have identified some transactions made by Voyager which might lead to a price dump for several cryptos.

Can Voyager’s move shake Shiba Inu?

As per the data provided by PeckShieldAlert, Voyager transferred almost $10 million worth of digital assets to different crypto exchanges over the past 24 hours.

Data depicts that Voyager moved 270 billion Shiba Inu (SHIB) (approx worth $3.2 million) and 4.9 million Voyager Tokens (VGX) (approx worth $2.1 million). It added that around 3.05K Ethereum (ETH) (approx worth $3 million) and 221K Chainlink (LINK) (approx worth $1.5 million) were also moved by the crypto lender.

The mentioned digital assets moved on different crypto exchanges like Coinbase, Binance US and Kraken. However, all the transferred cryptos excluding VGX tokens are trading in green. This suggests that Voyager might be planning to sell the listed cryptos.

Dump incoming?

However, the same wallet is holding over 6.8 trillion Shiba Inu coins at the moment. The address is the 18th largest holder of SHIB tokens (approx worth $82 million).

Shiba Inu price has surged by 48% over the past 30 days. SHIB is trading at an average price of $0.000012, at the press time. Its 24 hour trading volume is up by 50% to stand at $342 million.

Looking at the recent, Shiba Inu price run, it is expected that Voyager might move its cumulative SHIB holding to revive funds. This could lead to a price dump for Shiba Inu and other tokens.