Voyager, a bankrupt crypto lending platform, has recently sold off Shiba Inu (SHIB) tokens amounting to $67.54 million. This equates to approximately 5.62 trillion SHIB tokens based on the current market price of $0.000012 per token.
To execute its large-scale distribution of Shiba Inu (SHIB) tokens, Voyager has been utilizing the services of Coinbase, Binance.US, and Wintermute. The majority of the tokens have been sold through Coinbase.
According to Arkham Intelligence, a popular blockchain analytics and intelligence platform, Voyager has sold $67.54 million worth of Shiba Inu (SHIB) as part of a larger liquidation effort of its crypto assets. Since the start of this year, Voyager has sold a total of $358 million worth of crypto assets, of which the sale of SHIB tokens is a part.
In January, Voyager, the bankrupt cryptocurrency lending platform, began its distribution campaign by selling Polygon (MATIC) tokens amounting to $36.27 million. The campaign picked up pace in the following month, with reports indicating that Voyager sold an astonishing $183.37 million worth of tokens in February alone.
Read article: Whale Quickly Adds 126B SHIB Due to Shiba Inu Dip
March Sales by Voyager
Within the first 10 days of March, Voyager has already sold off assets worth $138.88 million, with $25.83 million worth of Shiba Inu tokens accounting for 18.59% of the total assets liquidated this month. The other two assets that Voyager has sold off in significant amounts are Ethereum, which accounts for $100.74 million, and Voyager Token, which accounts for $11.22 million.
Arkham Intelligence noted that Voyager has primarily relied on Coinbase to facilitate its asset liquidations, with most of the sales involving the creation of new deposit addresses on the Coinbase platform. Fxcryptonews reported on some of these transactions, such as the movement of 300 billion Shiba Inu tokens on March 1st.
Voyager Sell Offs
In the past two days, Voyager has sold an incredible 951.9 billion Shiba Inu tokens worth an astounding $9.59 million. OnchainDataNerd, a Twitter account specializing in interpreting on-chain data, noted that Voyager sold 825 billion SHIB tokens on Wednesday alone. Since then, Voyager has sold 126.9 billion SHIB tokens within the last sixteen hours.
Currently, the struggling lending platform holds 3.87 trillion Shiba Inu tokens, which are valued at $39 million. Shiba Inu tokens are the third-largest single holding of Voyager, after USDC, worth $447.3 million, and ETH, worth $58.2 million.
It was recently announced that Binance.US had received court approval to acquire Voyager’s assets. However, Voyager has decided to continue liquidating its assets despite this approval, leading to speculation about their motives. Voyager may be attempting to sell all of their assets and convert them into USDC, making settling with customers easier.
