According to a recent report by Arkham Intel, the altcoin market, including Ethereum (ETH), appears to be under the influence of Voyager, a prominent crypto lender. The lender currently possesses a significant amount of tokens that are poised for sale, leaving the market vulnerable to its actions. Over the past six weeks, Voyager has been actively liquidating its holdings, as noted by the report. These developments highlight the importance of closely monitoring the actions of major players in the crypto space.
Voyager’s impressive wallet boasts a staggering $151 million worth of ETH and a $50 million Shiba Inu (SHIB) cost. However, given the lender’s 6-week track record, it is highly probable that both token holdings will be liquidated shortly.
As per the report, Voyager has transacted $100 million worth of ETH, $25 million worth of SHIB, and $11 million worth of VGX, the platform’s native token successfully. These impressive figures are a testament to the company’s unwavering commitment to delivering top-notch services to its clients.
Voyager’s asset portfolio boasts a staggering $750 million, with a significant portion of $488 million attributed to USD Coin (USDC). The remaining assets are allocated as follows: $151.22 million in ETH, $49.53 million in VGX, and $41.4 million in SHIB. However, it’s important to note that these holdings are subject to potential liquidation.
The insolvent lender appears to have initiated its sales efforts ahead of the official approval of Binance’s $1.3 billion offer to acquire Voyager by US Bankruptcy Judge Michael Wiles. This restructuring agreement with Binance will enable Voyager clients to withdraw funds through the Binance US exchange.
According to the latest update from CoinMarketCap, ETH has experienced an 8.28% decline and is currently being traded at $1,405.69. Similarly, SHIB has also witnessed an 8.71% drop in value over the past 24 hours, with its current price at $0.000009996. In addition, the lender’s proprietary token, VGX, has taken a significant hit, plummeting by 26.87% in the last 24 hours and now being traded at $0.3427. These figures indicate a challenging period for these cryptocurrencies, and investors are advised to exercise caution while navigating the market.
