Voyager Token Move to Coinbase Raises Sell-off Concerns

People in the larger crypto community are wondering why these transactions happened and are guessing about the reasons.

Cryptos Headlines Token Airdrop Is Live, Claim $50 Worth Of 5000 CHT Token Free On

Voyager Digital, a cryptocurrency lender facing financial challenges, moved approximately $2.77 million worth of Ethereum and around $2.7 million worth of Shiba Inu tokens to Coinbase on August 11.

This has sparked speculation in the wider crypto community about the reasons behind these transfers. Some think Voyager might be selling these assets, as the moves have reduced the total digital assets in their wallets to $81.63 million.

These transfers took place within an hour, and the sudden shift has led to discussions about a possible sale of assets. However, some sources suggest that Voyager might be gathering all their tokens from different places into one main location.

Screenshot of the transfers from Voyager to Coinbase. Source: Etherscan

Suspicions of Asset Sell-off Surround Voyager Amid Token Moves

There’s a feeling that Voyager might be selling its things, especially because they’ve been giving away their Shiba Inu (SHIB) tokens since early 2023. Back in February, they shifted nearly $10 million worth of digital stuff to different places where you buy and sell cryptocurrencies, all in just one day.

Cryptos Headlines Token Airdrop Is Live, Claim $50 Worth Of 5000 CHT Token Free On

They moved a lot of different things, like 270 billion SHIB tokens (which is worth about $3.2 million), 4.9 million Voyager Tokens (VGX) that are worth $2.1 million, 3,050 Ethereum (ETH) worth $3 million, and 221,000 Chainlink (LINK) tokens that are worth around $1.5 million.

After Binance.US took over their assets, a platform that looks at blockchains found out that Voyager sold more than $56 million worth of digital things on three exchanges. About three months later, the company that’s not doing so well in money moved around 350 billion SHIB tokens in different transactions.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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