On-chain analytics service Lookonchain recently revealed that the now-bankrupt crypto lending platform Voyager Digital has been selling its crypto assets on Coinbase in recent days. Over the past four days, the defunct lender has sold 49 different crypto assets, netting around $63 million. For the SHIB Army, the most notable sale was 1.4 trillion Shiba Inu tokens, valued at nearly $14.4 million.

In addition to SHIB, Voyager's sales also included large amounts of Bitcoin (BTC), Ethereum (ETH), Chainlink (LINK), Polygon (MATIC), and Decentraland (MANA). "Voyager has been selling assets on#Coinbaseover the past 4 days and has sold 49 tokens for ~$63M. Among them: 781 BTC ($23M); 9,570 ETH ($17.6M); 1.4T SHIB ($14.4M); 234,660 LINK ($1.74M); 1.87M MATIC ($1.27M); 3M MANA ($1.1M);" Lookonchain tweeted.

The sale significantly reduced Voyager’s cryptocurrency holdings. However, they haven’t completely emptied their coffers. The on-chain analytics service further detailed Voyager’s remaining assets: “Voyager currently holds $11.3 million worth of assets, including: 52.4 million VGX ($8.27 million); 55 Bitcoin ($1.62 million); 537,000 KNC ($371,000); 1.18 FTM ($286,000); 20.7 million STMX ($140,000); 4.85 million GALA ($111,000).”

While the sale has raised concerns, the SHIB community has also seen a silver lining. Data from Lookonchain shows that all of Voyager’s SHIB holdings have been liquidated. As a result, Voyager’s SHIB holdings have fallen to zero, suggesting that there may be less selling pressure on Shiba Inu tokens in the future.

Shiba Inu prices show resilience

Despite the massive sell-off in Voyager, SHIB’s price has remained resilient. The token has surged more than 14.2% in the past week. Much of this bullish momentum can be attributed to the upcoming Shibarium mainnet launch at the Future of Blockchain conference, which begins today. Investors appear optimistic about SHIB’s potential, believing that if the second-layer scaling solution delivers on its promise, SHIB tokens could see even more lucrative gains.

At press time, the Shiba Inu price is trading at $0.00001019 after finding support at the 38.2% Fibonacci retracement level ($0.00001007). Key resistance on a daily basis is currently at the 50% Fibonacci level at $0.00001121. In the event of a breakout, SHIB could surge 21% from the current price until it reaches the 61.8% Fibonacci level. Major resistance is expected at this price level ($0.00001235).

The daily RSI has been on an uptrend since the yearly low on June 10 and is at 65 at press time. This leaves SHIB bulls with further room to run. For an explosive double-digit move, the RSI should move into deep overbought territory.

For investors, the launch of Shibarium today or tomorrow should be taken with a grain of salt. As is customary in the cryptocurrency market, this could be a “buy the rumor, sell the news” event as the impact of the launch may only be seen in the long term over the next few months. In this case, the 200-day moving average at $0.00000938 will be a critical support for bulls to defend.