[[{“value”:”Shiba Inu (SHIB) is at risk of significant selling pressure thanks to the bankrupt crypto firm Genesis Trading. This comes amid a spike in large transactions for the meme coin, which is undoubtedly a bullish development.
How Shiba Inu Could Face Significant Selling Pressure
Data from the on-chain analytics platform Arkham Intelligence shows that Genesis Trading owns 21.9 billion Shiba Inu tokens. This means the meme coin could face significant selling pressure as the bankrupt crypto firm looks to repay its creditors. Genesis has already finalized its restructuring plan and has begun making repayments.
On-chain data shows that Genesis has already been busy this week, moving some of its Bitcoin and Ethereum holdings as it looks to repay customers. The bankrupt crypto lender is expected to move its SHIB holdings at some point as part of the repayment process. However, in the end, whether or not Shiba Inu will face the dump of these 21.9 billion tokens will depend on the c
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