Shiba Inu (SHIB) is an explosive cryptocurrency known for its sudden and unexpected rallies. Throughout the past seven days, it’s up 13.2%, making it one of the best-performing altcoins from the top 20 by means of total market capitalization.
However, there’s interesting data surfacing, indicating that SHIB’s price action has actually been compressed by tremendous selling coming from an institutional market participant.
Data from the popular on-chain analytics resource Lookonchain revealed that Voyager has been selling a considerable number of SHIB tokens throughout the past 4 days.
The asset manager, which is currently going through a bankruptcy procedure, sold a whopping 1.4 trillion SHIB worth around $14.4 million.
This has likely suppressed the price from going higher. A couple of days ago, CryptoPotato reported that Voyager moved $2.7 million worth of SHIB to Coinbase. It turns out that the reason was obvious.
The good news is that Lookonchain reported that Voyager has no more SHIB to sell. If the cryptocurrency continues its impressive performance from the past seven days, this might mean that more gains are in sight.
SHIB proponents are also expecting developments in its broader ecosystem. A few days ago, the lead developer Shytoshi Kusama teased a new utility for its LEASH token.
Earlier today, Shiba Inu’s marketing strategist also pushed some updates, stating that later in the day, Kusama will be “giving a presentation that you won’t want to miss.”
It’s worth noting that the recent developments have also attracted a brand new whale to the ecosystem. Someone bought a whopping $48 million worth of SHIB just a couple of days ago. Could they be waiting for something?
