Shiba Inu Bulls On The Horizon? Substantial Selling Pressure Seen Dropping
16 August 2023 - 5:18PM
NEWSBTC
The price action of Shiba Inu (SHIB) has encountered a significant
compression, primarily attributed to substantial selling
originating from a prominent institutional market participant. Data
obtained from Lookonchain, a renowned on-chain analytics resource,
has shed light on the ongoing selling spree by Voyager, a troubled
asset manager currently navigating bankruptcy proceedings.
This selling binge over the past four days has amounted to an
astonishing 1.4 trillion SHIB tokens, equivalent to approximately
$14.4 million. The cryptocurrency landscape has witnessed a
noteworthy development as Voyager, amidst its financial
restructuring, embarked on an extensive liquidation of SHIB
tokens. Related Reading: Chiliz (CHZ) Empowers Smart
Contracts With Upgrades – Positive Impact On Price? Voyager’s
Unloading Spree And Potential Implications On Shiba Inu
Lookonchain’s data revealed the staggering magnitude of Voyager’s
sell-off, raising questions about the motives behind this sizeable
divestment. Amid speculation, it’s important to note that the asset
manager has now depleted its SHIB holdings, as confirmed by
Lookonchain’s report. This intriguing turn of events prompts
speculation about the potential impact on SHIB’s trajectory.
Voyager has been selling assets on #Coinbase for the past 4 days
and has sold 49 tokens for ~$63M. Including: 781 $BTC ($23M); 9,570
$ETH ($17.6M); 1.4T $SHIB ($14.4M); 234,660 $LINK ($1.74M); 1.87M
$MATIC ($1.27M); 3M $MANA ($1.1M); … pic.twitter.com/SUGjjQQvja —
Lookonchain (@lookonchain) August 15, 2023 As Voyager completes its
selling spree, market watchers are keenly observing the
ramifications on SHIB’s value. Notably, SHIB has demonstrated a
commendable performance over the last seven days, exhibiting a
robust 5.9% rally now trading at $0.00000998 via
CoinGecko. While the cryptocurrency faced a 2.4% slump in the
past 24 hours, this transient dip may be attributed to broader
market sentiments influenced by seemingly unrelated news. SHIB
market cap currently at $5.8 billion. Chart: TradingView.com News
circulating about potential downgrades within the banking sector
might have inadvertently contributed to the 24-hour slump witnessed
by SHIB. It’s worth acknowledging that seemingly unrelated
developments can trigger ripples of uncertainty across financial
markets, ultimately impacting various asset classes, including
cryptocurrencies like SHIB. Such negative sentiments, although
momentary, have the potential to trigger short-term pullbacks.
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Maximalists As ‘Insecure Losers’ Anticipating Price Rally Amidst
Voyager’s Exit The revelation that Voyager has exhausted its SHIB
holdings could potentially pave the way for renewed price momentum.
With institutional selling pressure alleviated, the cryptocurrency
could be poised to continue its impressive performance from the
past week. As SHIB hovers around its current value of $0.00000998,
investors and enthusiasts are cautiously optimistic about the
prospects of a sustained price rally. Despite the recent slump,
SHIB’s overall trajectory remains promising, supported by both its
recent rally and the depletion of Voyager’s SHIB holdings. While
the impact of institutional selling cannot be ignored, SHIB’s
future gains may be bolstered by a reduced supply overhang.
SHIB’s upcoming performance will undoubtedly be influenced by a
complex interplay of factors, ranging from market sentiment to
macroeconomic developments. (This site’s content should not be
construed as investment advice. Investing involves risk. When you
invest, your capital is subject to risk). Featured image from The
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