- Large amounts of recordings are taking place as Voyager activates them on its network.
- After BTC, ETH and USDC, SHIB will become the largest cryptocurrency on the protocol.
Voyager, a centralized exchange that failed due to the collapse of Luna and Terra, left many of its depositors and users stranded. However, on June 23, Voyager reopened withdrawals of several cryptocurrencies on its platform.
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Traveling here…
More than $229 million has already been transferred from the platform, according to data from Dune Analytics. At the time of writing, Voyager’s tagged wallets still hold a significant amount of $196 million.
These wallets contain 74 million in BTC, $52 million in ETH, $32 million in USDC, $15 million in $SHIB, and 7 million in VGX.
Since @investvoyager re-opened withdrawals on June 23, more than $229 million has been transferred from the platform
Voyager still has $196 million in its labeled portfolios. Some notable companies include:
– 74M $BTC
– $52 million $ETH
– $32 million $USDC
– $15 million $SHIB
– $7 million $VGX pic.twitter.com/kUlxrQjmiL— Tom Wan (@tomwanhh) July 9, 2023
The access gained by Voyager addresses can have different consequences for different cryptocurrencies. Users may be more interested in HODLing blue chip coins such as ETH and BTC, as the sentiment and prices of both coins have increased in recent months.
Source: Dune analysis
However, it may also be necessary to consider the possibility that memecoins like SHIB may not face a smiliar intact. Memecoins are known for their highly volatile behavior and predicting the future of their price can be difficult. Users who have just gained access to their holdings may want to avoid risky holdings like SHIB and try to sell and invest their holdings elsewhere.
Other popular memecoins like PEPE that took the crypto market by storm could also appeal to these holders looking to diversify their memecoin portfolio.
word on the street
As it went to press, it was noted that SHIB’s social mentions and engagements had declined significantly over the past week. According to LunarCrush data, social mentions and engagements for SHIBA fell by 78% and 49%, respectively.
Realistic or not, here is SHIBA’s market cap in terms of BTC
In addition, sentiment around SHIB had also turned significantly negative over the past three months. Along with the falling sentiment, the price of SHIBA also fell and traded at a press price of $0.0000075.
Source: Sentiment
