Why bankrupt crypto lender Voyager sold Ethereum while sitting on 5.17 Trillion Shiba Inu holdings?

Bankrupt crypto lender Voyager sold Ethereum holdings in exchange for stablecoins like USDC, while sitting on nearly $57.78 million worth of Shiba Inu holdings. Voyager’s portfolio consists of 5.17 Trillion Dogecoin-killer SHIB tokens. 

Also read: What to expect from Shiba Inu after Shytoshi raises prize pool for monthly Shiba Eternity tournament?

Voyager shed its Ethereum holdings while sitting on 5.17 trillion SHIB

Voyager, a bankrupt crypto lender shed its Ethereum holdings in a recent transaction, exchanging ETH for stablecoins like USDC. According to a recent update from crypto intelligence tracker Lookonchain, Voyager sold 1,449 ETH tokens via Wintermute. The lender sold Ethereum at an average price of $1,553 and received 2.25 million USDC in exchange. 

Voyager sheds Ethereum holdings in exchange of stablecoin

The crypto lender is still selling assets and currently holds 5.17 Trillion Shiba Inu tokens alongside Chainlink, Ethereum and Avalanche. Interestingly, despite holding nearly $57.78 million worth of meme coin, Shiba Inu tokens, Voyager chose to sell its Ethereum holdings. 

Voyager is sitting on 148,774 Ethereum tokens worth $233.5 million. It remains to be seen whether the bankrupt crypto lender will shed the rest of its Ethereum holdings or the meme coin is next. 

Shiba Inu price yielded nearly 14% losses for holders since February 27. It is a likely scenario that Voyager would line up to sell its SHIB holdings once the Dogecoin-killer meme coin recovers from its recent losses.

The Shiba Inu community is awaiting the launch of layer-2 scaling solution Shibarium. The launch of the scaling solution could act as a bullish catalyst, fueling the meme coin’s recovery.