Why SHIB could be skating on thin ice as Voyager reopens withdrawals

• Massive quantities of withdrawals happen as Voyager prompts them on its community.
• After BTC, ETH, and USDC, SHIB turns into the biggest cryptocurrency on the protocol.

Voyager, a centralized change that failed because of the collapse of Luna and Terra left lots of its depositors and customers stranded. Nonetheless, on 23 June, Voyager reopened withdrawals of varied cryptocurrencies on its platform.

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On a voyage right here…

In response to knowledge supplied by Dune Analytics, over $229 million has already been transferred out from the platform. At press time, Voyager’s tagged wallets nonetheless held a considerable quantity of $196 million.

These wallets contained holdings that included 74 million BTC, $52 million value of ETH, $32 million in USDC, $15 million of $SHIB, and seven million of VGX.

Since @investvoyager re-opened withdrawals on 23 Jun, over $229M has been transferred out from the platform

Voyager nonetheless has $196M in its tagged wallets. Some notable holdings embrace:

– 74M $BTC
– $52M $ETH
– $32M $USDC
– $15M $SHIB
– $7M $VGX pic.twitter.com/kUlxrQjmiL

— Tom Wan (@tomwanhh) July 9, 2023

The entry gained by Voyager addresses may have diverse impacts on varied cryptocurrencies. Customers could also be extra eager on HODLing blue chip cash reminiscent of ETH and BTC as sentiment and costs of each these cash have been on the rise over the previous few months.

Supply: Dune Analytics

Nonetheless, one may additionally want to contemplate the likelihood that memecoins like SHIB might not face a smiliar intact. Memecoins are recognized for his or her extremely risky conduct and predicting the way forward for their worth could also be tough. Customers who’ve simply gained entry to their holdings might need to keep away from dangerous holdings reminiscent of SHIB and should attempt to promote and make investments their holdings elsewhere.

Different well-liked memecoins reminiscent of PEPE that took the crypto market by storm may additionally look interesting to those holders who might need to diversify their memecoin portfolio.

Phrase on the road

At press time,  it was noticed that SHIB’s social mentions and engagements had declined considerably over the previous week. In response to LunarCrush’s knowledge, the variety of social mentions and engagements for SHIBA fell by 78% and 49% respectively.

Practical or not, right here’s SHIBA market cap in BTC’s phrases

Moreover, the sentiment round SHIB during the last three months had additionally turned considerably damaging. In tandem with its falling sentiment, SHIBA’s worth additionally dropped and traded at a press time worth of $0.0000075.

Supply: Santiment