Could Voyager’s latest move result in a sell-off and impact these tokens?

• Voyager moved SHIB, SAND, APE, and ETH to an exchange address.
• These tokens all showed positive price trends on a daily timeframe.

Not long ago, Voyager moved some of its assets to an exchange. These assets included Ethereum [ETH], The Sandbox [SAND], Shiba Inu [SHIB], and Apecoin [APE]. This transfer of tokens has triggered speculation about a potential sell-off and piqued interest regarding its impact on these tokens.

Voyager moves million-dollars worth of assets

On 14 August, a PeckShield alert revealed that Voyager conducted transfers totaling approximately $9.4 million. According to the PeckShield chart, Voyager engaged in multiple transactions. These involved digital assets such as Ethereum

The transfers raised speculations that the financially troubled company was gathering its assets into a central address. The move was possibly to sell off these cryptocurrencies in the future. 

This strategic move came after the conclusion of 30 days, during which users had the opportunity to withdraw a portion of their assets. After this, the company would proceed with liquidating the remainder.

Analyzing the trend of the Voyager assets

Examining the recent asset transfers by Voyager, it became evident that only ETH and SHIB were exhibiting favorable price trends. On the other hand, SAND and APE displayed less impressive trends when compared to these two tokens.

As of this writing, the king of altcoins, ETH, was trading at approximately $1,840, indicating a slight uptick of less than 1% in its daily trend. This suggested that Voyager’s recent actions did not significantly impact its price movement.

SHIB, on the other hand, showed promise, trading with an almost 3% increase in price on a daily timeframe at the time of writing. The corresponding chart displayed a noteworthy positive price trend for SHIB.

Source: Santiment

Despite their less impressive trends, APE and SAND achieved increases of around 5% and 1%, respectively, as of the current moment.

A scrutiny of the trading volume further indicated that these assets had not experienced any substantial shifts. The trading volume for ETH stood at approximately 4.1 billion. However, for SHIB, it was around 386 million.

APE recorded a volume of approximately 120 million whereas SAND demonstrated a volume of about 94 million.

Source: Santiment

What next for Voyager?

Following the conclusion of the withdrawal window, Voyager is now entering the subsequent phase, liquidating its remaining assets into stablecoins. However, apprehensions have arisen regarding the potential selling pressure that this liquidation might impose on the tokens in their holdings.