The upcoming launch of Shibarium is raising high hopes in the Shiba Inu community that the SHIB price will rise due to an expanded use case beyond a meme coin. However, a known SHIB whale could derail the hoped-for price rally.
As one of the industry-leading blockchain security companies PeckShield via Twitter today, bankrupt crypto lender Voyager has moved some of its crypto holdings. According to PeckShield, about $9.6 million of cryptocurrencies were transferred from Voyager to crypto exchanges Coinbase, Binance US, and Kraken.
Among them were around 4.9 million VGX ($2.1 million), 221,000 LINK ($1.5 million), 3,050 ETH ($3 million), and also 270 billion SHIB, equivalent to around $3 million. As the security company also informed, Voyager still holds 6.8 trillion SHIB, equivalent to around $82 million
This makes Voyager the 18th largest whale of Shiba Inu and a potential threat to the SHIB price if the tokens were to be sold at some point in the future. The reasons for the transfer were not known at press time.
Rumors are circulating on Twitter that Voyager may want to profit from the recent market rally and liquidate the altcoins to compensate its creditors. If this is true, SHIB could face a sell-off that could push the price down sharply.
Shiba Inu Price Remains Unaffected
Whether the rumors will actually come true remains to be seen. Binance.US agreed to buy a part of Voyager’s assets in December after the deal between the company and FTX fell through.
However, the deal is still in limbo due to opposition from government regulators: the Securities and Exchange Commission (SEC) and the Committee on Foreign Investments in the U.S. (CFIUS).
Another hearing is scheduled for March in the Bankruptcy Court for the Southern District of New York. In addition, approval by a majority of Voyager’s creditors is also required.
At least at press time, the Shiba Inu price showed no signs of a major sell-off. SHIB was trading at $0.00001205, up 4% in the last 24 hours. This is in line with the broader market rally following yesterday’s Fed rate decision.
The SHIB price has seen a bounce up from the 200-day EMA and could now target the resistance zone above $0.00001250 once again. In addition to continued positive sentiment in the crypto market, the ‘expected’ launch of Shibarium on Valentine’s Day, February 14 could be a catalyst for the breakout.
If the Shiba Inu price were to succeed in writing a new local high, there would be a possibility that SHIB could make a new attempt to break the October 29 high at $0.00001519. Such success could mean a return to the bullish territory.