Voyager Digital, a bankrupt cryptocurrency lender, has sent billions of Shiba Inu tokens to Nasdaq-listed exchange Coinbase, in a move that suggests the lender has been cashing out its digital assets.
The transfer included 300 trillion SHIB worth $3.7 million, 4,000 ETH worth $6.6 million, and 5 million VGX worth $2 million.
Voyager’s transactions came after it received 68 billion SHIB from a dormant whale that had received the meme-inspired cryptocurrency two years ago.
The transfer could lead to heavy selling pressure on the digital currencies involved, but it is not yet clear whether there will be a sell-off.
Most Shiba Inu investors have shown they aren’t planning on selling en masse, as the median time that users on Coinbase hold onto the meme-inspired cryptocurrency before either selling it or moving it to an external address has surpassed the 230-day mark.