- Voyager Digital sold all of its 1.4 trillion Shiba Inu (SHIB) holdings creating selling pressure on the memecoin.
- The SHIB price still holds above its support levels with RSI levels hinting at further bullish momentum.
As per the on-chain data provided by LookonChain, the now-bankrupt crypto lending platform Voyager Digital has been offloading a large part of its crypto holdings on Coinbase in recent days. Just over the past four days, Voyager has sold a total of 49 assets while netting a staggering $63 million in total.
In one of its recent tweets, LookonChain noted: “Voyager has been selling assets on #Coinbase for the past 4 days and has sold 49 tokens for ~$63M. Including: 781 BTC ($23M); 9,570 ETH ($17.6M); 1.4T SHIB ($14.4M); 234,660 LINK ($1.74M); 1.87M MATIC ($1.27M); 3M MANA ($1.1M)”.
The sales have led to a substantial decrease in Voyager’s cryptocurrency holdings, although they still have some assets left. The on-chain analysis service provided information about Voyager’s remaining assets: “Voyager now holds assets valued at $11.3 million, including: 52.4 million VGX ($8.27 million); 55 BTC ($1.62 million); 537,000 KNC ($371,000); 1.18 FTM ($286,000); 20.7 million STMX ($140,000); 4.85 million GALA ($111,000).”
One thing is clear from the data that Voyager Digital has offloaded its entire 1.4 trillion of Shiba Inu (SHIB) holdings With Voyager’s SHIB holdings going to zero, a potential selling pressure is seen on Shiba Inu breaking the strong upward momentum over the last week.
As of press time, Shiba Inu is down 2.64% and currently trading at $0.00001022 with a market cap of just over $6 billion. However, it is still trading at 14% gains on the weekly chart outperforming other top altcoins by a huge margin.
Shiba Inu Price Shows Resilience
Despite Voyager’s significant sell-off, the price of SHIB has remained strong. The token has surged by more than 14.2% in the past week. This upward momentum is mainly due to the upcoming launch of Shibarium’s mainnet at the Blockchain Future Conference, beginning today. Investors are optimistic about SHIB’s future potential. They believe that if the layer-2 scaling solution delivers on its promises, the SHIB token could experience even more substantial growth.
Currently, the Shiba Inu price is at $0.00001022, finding support at the 38.2% Fibonacci retracement level ($0.00001007). The main resistance on a daily basis is currently the 50% Fibonacci level at $0.00001121. If a breakout occurs, SHIB could rise by 21% from its current price, aiming for the 61.8% Fibonacci level. A significant resistance is anticipated at this level ($0.00001235).
The daily RSI has been on an upward trend since hitting its yearly low on June 10 and stood at 65 at the present time. This indicates that there is still potential for further bullish movement for SHIB. For a strong double-digit increase, the RSI should move into the overbought region.
Investors should approach today’s or tomorrow’s Shibarium launch with caution. As is often the case in the cryptocurrency market, this event could follow the pattern of “buy the rumor, sell the news.” The true impact of the launch might only become evident in the long term, over the next few months. In this scenario, the 200-day EMA at $0.00000938 will be a crucial support level that the bulls need to defend.
