Bankrupt crypto broker dumps Shiba Inu (SHIB) worth $3.5 million in 24 hours, but worst is ahead
The previous day, the defunct cryptocurrency broker Voyager sold precisely 300 billion Shiba Inu (SHIB). The revenues from the sale of this volume of SHIB to the corporation totaled $3.75 million.
Since February, Voyager has sold 870 billion SHIB, raising over $10.5 million. But, it appears that the worst is yet to come based on the broker’s position in SHIB. At the time of writing, SHIB is changing hands at $0.0000124.
SHIB/USD 4-hour chart | Source: TradingView
300 Billion Shiba Inu Dumped in 24 Hours, Is Worst for SHIB Just Beginning?
The bankrupt broker still possesses SHIB 6.2 trillion. Thus, the volume liquidated in February did not even come close to covering 15% of the total. SHIB’s price has dropped more than 20% from its top for the month, yet it still outperformed Bitcoin and Ethereum.
Given that Voyager initially owned more than 8 trillion tokens on its balance sheet, one could claim that the SHIB price successfully fends off pressure from a significant seller. However, it is impossible to predict whether this pattern will persist.
Without deterrents like the Shibarium story, the price of SHIB might decline dramatically if a bankrupt crypto broker decides to dump tokens aggressively onto the market.
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