Shiba Inu faces big challenge as hundreds of billions of tokens flow into market
Despite a favorable step in the Binance US acquisition of its assets, bankrupt North American cryptocurrency broker Voyager continues to sell Shiba Inu (SHIB). Around 400 billion SHIB, or $4.45 million, were sold from one of the Voyager wallets less than eight hours ago.
Today, the broker transferred $38 million worth of cryptocurrency from its two accounts to centralized exchanges. Together with SHIB, Ethereum, Polygon, and Fantom were also affected by the sell-off.
One of the biggest SHIB holders is still Voyager. As a result, there are still 4.4 trillion tokens, or 10 times as many as were sold today, on the broker’s balance sheet.
A contract for Binance US to purchase Voyager’s assets was allowed by a judge and was made public a few hours before the next sale round, despite opposition from the SEC and other regulators. Also, consent was given for customers of the bankrupt broker to be transferred to the black-and-yellow crypto giant’s U.S. office. The purchase is anticipated to cost $1.3 billion in total.
Although receiving approval, the agreement between the two corporations is still not finalized. The sell-off by Voyager is likely to continue until the assets are moved to Binance US.
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