Voyager Digital's Transfer to Coinbase Raises Concerns of Potential Liquidation

Voyager Digital recently transferred a significant amount of tokens to the cryptocurrency exchange Coinbase. The move raised suspicions in the cryptocurrency community about an imminent sell-off.

On August 11th, Etherscan data revealed that Voyager Digital moved 1,500 Ether (ETH), equating to roughly $2.77 million, and an astounding 250 billion Shiba Inu (SHIB) tokens, with an approximate value of $2.7 million, to Coinbase.

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The timing and nature of these transactions, which occurred with a mere hour's gap between them, have been the source of much speculation.

While the rapid transfer of such volumes points to potential liquidation, some insiders believe it may just be a strategic move by Voyager to consolidate tokens from different addresses into one central address.

What has lent credence to the sell-off theory, however, is the pattern observed in Voyager's recent actions. Since the beginning of 2023, Voyager has been consistently cutting its SHIB portfolio.

A notable instance happened in February when Voyager moved nearly $10 million in digital assets to various cryptocurrency exchanges within 24 hours. This extensive transfer of assets, including 270 billion SHIB valued at $3.2 million, 4.9 million Voyager Tokens (VGX) approximated at $2.1 million, and 3,050 ETH and 221,000 Chainlink (LINK).

The financial moves of Voyager Digital, particularly its recent transactions, are closely under the crypto community's lens. While the exact motives remain a matter of speculation, these actions undeniably spotlight the turbulence the crypto lender has been navigating in recent times.

In other Voyager-related news, scammers have targeted Voyager Digital customers during a 30-day withdrawal window.