SHIB prices decline sharply following Silvergate implosion
After news surfaced that Silvergate, a crypto-favored bank, has financial problems, SHIB lost massive value.
SHIB price declines
Shiba Inu is among the top token to suffer severe losses in the past few days. Some 24 hours ago, SHIB was trading at just about $0.00001189. When writing this report, the coin had plunged to merely about $0.0000113.
The charts tell a deeper story of the coin’s price performance. For instance, this coin managed to record a high of $0.0000121 in the early hours of the past 24-hour period.
However, a couple of hours later, the charts indicate a steep price decline, from $0.000012 to just about $0.000011. Interestingly, this steep price decline was recorded in 55 minutes. Shiba lost about 8.3% in value in that period.
The coin, however, took a slightly upward momentum and managed to recover to the current values. However, that is still a drop of 4.96% in the token’s prices.
SHIBA’s negative price trends have been going on for quite some time. Seven-day charts indicate that the coin has lost over 10% in value by dropping from $0.0000126. SHIB was trading below its value 30 days ago.
Silvergate problems, Voyager selloff among catalysts
SHIB’s price declines were triggered by yesterday’s news that Silvergate has financial problems. This affected the crypto market, rubbing over $60 billion in just a few hours.
However, SHIB’s dump in recent weeks can be mainly attributed to the recent mass sale by Voyager. The bankrupt crypto lender has been transferring colossal amounts of crypto to Coinbase to sell them. SHIB is among the assets facing the mass whale selloff.
In fact, according to Lookonchain, Voyager has been selling assets every day since Feb. 14. Among the assets transferred by Feb. 26 were 2.24 trillion SHIB worth $28 million.
The data from Lookonchain also indicated that Voyager is still very far from completing its asset sales. Voyager still holds about 6.5 trillion SHIB worth $81 million. This indicates that SHIB could continue suffering from the selling pressure for the coming weeks, meaning the prices will drop further.
On Feb. 27, Lookonchain posted a tweet that indicated that a SmartMoney had transferred 182 billion SHIB worth $2.3 million to Crypto.com and Gemini. The analytical tweet indicated an impending drop in prices.
