Shiba Inu can face a big sell-off in the short and medium term, which could affect the price. There are two “SHIB whales” that could be a threat to the current uptrend of cryptocurrency. In the last 24 hours, Shiba Inu is up 2.2%.
According to on-chain data provider Lookonchain, two hours before press time, investors were “smart money”. made large Shiba Inu transfer. The whale just sent 182 billion SHIB, which is equivalent to about $2.3 million to crypto exchanges Crypto.com and Gemini.
The last time he transferred SHIB to Crypto.com of this magnitude, the price of SHIB dropped by 7%. This was in mid-December 2022, when the whale transferred 200 billion SHIB worth $1.67 million to the Singapore-based exchange. And about 5 hours after the transfer, the price of SHIB dropped by 7%.
As the data provider writes, the smart money is buying SHIB at a very low price. On August 7, 2020, an unknown whale bought 15.28 trillion SHIB for just 10 ETH. The purchase price is only $3,796.
He later made 1,967 ETH, about $7 million by buying and selling SHIB on Uniswap. In addition, the whale started trading Shiba Inu on a centralized exchange while the meme coin was listed on exchanges like Binance and Crypto.com.
They buy SHIB when the price is low and sell SHIB when the price is high. Although it cannot be said with certainty that the whale will sell, these smart money investors can have a strong short-term impact on the price.
Will Voyager Sell Shiba Inu Next?
However, in the medium term, the price of Shiba Inu may face another threat: the sale by the bankrupt crypto lender Voyager. As Bitcoinist reported, there have been several suspicious transfers in recent weeks that indicate the sale of crypto assets.
“It seems that Voyager is selling assets through Coinbase,” Lokonchain said said yesterday. The data provider notes that Voyager has received $100 million USDC from Coinbase in the last four days. “And Voyager has been sending assets to Coinbase almost every day since February 14th.”
Assets cashed out from Voyager to Coinbase since February 14th are 2.24 trillion SHIB ($28 million), 15,635 ETH ($25 million), 28.5 million VGX ($12.85 million), 640,000 LINK ($4.74 million), 7 .75 million OCEAN ($3 million). ), 350,000 UNI ($2.28 million), 3.26 million MANA ($2.15 million), 4 million ENJ ($1.88 million) and 2.3 million SAND ($1.64 millions).
However, this is far from all. Voyager currently has $631 million in assets, with Shiba Inu holdings being the third highest in value after Ethereum and USDC. The bankrupt company’s assets still hold 172,223 ETH ($276 million), 186 million USDC, 6.5 trillion SHIB ($81 million), 2.14 million LINK ($15.8 million), and 581,052 AVAX ($10.5 million), among others -apart.
If Voyager is indeed selling off all of its crypto assets, that could impact the price of SHIB more. At press time, however, the price has become far from the risk. SHIB can be sold for 0.00001272 US Dollar.
Featured images from LeandroDeCarvalho / Pixabay, Charts from TradingView.com