Recent information from the on-chain analysis tool Lookonchain revealed that the defunct crypto loan business Voyager Digital has been selling its crypto assets on Coinbase. The failed lender made over $63 million by selling 49 different crypto assets over the course of four days. The 1.4 trillion Shiba Inu tokens, or roughly $14.4 million, were the SHIB army’s most notable sale.
The Chads always suggest looking for good sources of information from both a TA and On-Chain perspective. https://t.co/oArfZAuiYx
— DeFi Chads (@ChadsDefi) September 15, 2021
Along with SHIB, considerable sums of Bitcoin (BTC), Ethereum (ETH), Chainlink (LINK), Polygon (MATIC), and Decentraland (MANA) were also sold by Voyager. ” For the past four days, Voyager has been selling assets on Coinbase, selling 49 tokens for roughly $63 million.
The sales considerably decreased Voyager’s cryptocurrency holdings. They haven’t completely depleted their funds, though. Further information about Voyager’s remaining assets was provided by the on-chain analysis service: “Voyager currently holds $11.3 million worth of assets, including: 52.4 million VGX ($8.27 million); 55 million BTC ($1.62 million); 537 million KNC ($371 million); 1.18 million FTM ($286 million); 20.7 million STMX ($140 million); and 4.85 million GALA ($111 million).”
Shiba Inu Price Shows Resilience
SHIB’s price was steady despite Voyager’s big sell-off. Over 14.2% more people have bought the token in the last week. The impending debut of the Shibarium mainnet at the Blockchain Future Conference, which begins today, is largely responsible for this positive trend. Investors appear to be bullish on the potential of SHIB, anticipating even greater profits for the SHIB token if the layer-2 scaling solution lives up to its claims.
Nevertheless, for #Shiba Inu to become a more appealing prospect for potential investors, it needs to show more than just resilience at its current price. It requires signs of sustained growth, broader acceptance and use cases beyond speculative trading.
— Kira Peters (@Kira_PetersFx) June 9, 2023
The 38.2% Fibonacci retracement level ($0.00001007) provided support for the Shiba Inu price, which at the time of publication was at $0.00001019. The 50% Fibonacci level, which is currently at $0.00001121, is the main daily resistance. In the event of a breakout, SHIB might increase by 21% from its present price to proceed to the 61.8% Fibonacci level. A significant amount of resistance is anticipated at this price ($0.00001235).
Shibarium’s launch today or tomorrow should be viewed skeptically by investors. As is customary in the cryptocurrency industry, the launch may have a “buy the rumor, sell the news” effect because its effects might not be felt immediately but rather over the course of many months. In this situation, the 200-day EMA around $0.00000938 will be a crucial support that the bulls must protect.