Billions of Shiba Inu (SHIB) Moved to Coinbase, Selloff Incoming?

Bankrupt crypto firm Voyager transferred 1,500 ETH ($2.77 million) and 250 billion SHIB ($2.7 million) to Coinbase. Additionally, Voyager is moving all remaining tokens to the main address. There are currently about $81.63 million worth of cryptocurrency in Voyager addresses.…

— Wu Blockchain (@WuBlockchain) August 12, 2023

The move of the crypto assets to Coinbase might be to sell them. This is possible as Voyager has been selling off its SHIB holdings and other assets since the start of the year.

Crypto lender Voyager filed for bankruptcy in July 2022, affected by the Terra implosion. Thus, a possible scenario as it seeks to compensate affected users might be to continue liquidating its crypto assets.

Shiba Inu sustains rally

SHIB initiated a rise from Aug. 7 lows of $0.0000087, and bulls have done remarkably well to push SHIB above the psychological $0.00001 level, thus erasing a zero from its price.

With 57.3 trillion (57,349,693,041,979) SHIB worth $623,613,306 traded in the last 24 hours, SHIB is seeing almost twice the volumes of Cardano and Dogecoin combined.

"Shiba Inu Caution advised. The TD Sequential presented a sell signal on SHIB 4-hour chart, anticipating a one to four candlestick correction," Ali wrote.