Shiba Inu

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The tumultuous journey of Voyager Digital, the cryptocurrency lender, takes another intriguing turn as it reportedly undertakes substantial asset offloading on the Nasdaq-listed cryptocurrency exchange Coinbase. A cascade of over 1.4 trillion Shiba Inu ($SHIB), 781 BTC, and 9,570 ETH have been liquidated on the platform, forming a noteworthy chapter in Voyager’s ongoing restructuring saga. 
Insights gleaned from the on-chain analysis service Lookonchain reveal a series of transactions executed by Voyager on Coinbase over the past few days. This sales flurry spans 49 distinct tokens, yielding approximately $63 million in revenue. The dominant share of these transactions encompasses prominent cryptocurrencies such as BTC, ETH, and the meme-fueled Shiba Inu. 
This expansive portfolio of offloaded assets extends beyond mere cryptocurrencies. Notably, Voyager obtained 84.5 million USDC from Coinbase, redirecting these stablecoins to Circle. This strategic move ostensibly aligns with Voyager’s efforts to reimburse customers by recouping around 35% of their crypto deposits, part of its ongoing process of winding down operations. 
Despite these considerable divestitures, Voyager’s financial coffers retain a notable resilience, boasting $11.3 million in assets. The inventory encompasses 52.4 million VGX, valued at $8.27 million, and a respectable holding of 55 Bitcoin, approximating to $1.62 million. 
This isn’t the first instance of Voyager’s high-stakes interactions with Coinbase. Earlier this year, Voyager initiated the transfer of billions of SHIB tokens to Coinbase, alongside Ethereum’s ether and other tokens. The company’s historical interaction with Coinbase also encompassed the sale of a staggering 400 billion SHIB tokens on the platform this month in exchange for USDC. 
In the broader landscape, Voyager’s actions unfold against significant shifts within the crypto industry. July witnessed the withdrawal of an astounding 3.3 trillion SHIB tokens from centralized cryptocurrency exchanges, culminating in a perceptible shrinkage of available supply. This backdrop underscores the nuanced interplay between market dynamics and asset movements, shaping Voyager’s ongoing evolution. 
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Bankrupt Crypto Lender Liquidates Billions of $SHIB and Other Tokens on Coinbase

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