An institutional digital asset trading firm, Cumberland, has recently transferred a significant amount of Shiba Inu (SHIB) tokens, totaling around $4.5 million, to various cryptocurrency exchanges like Coinbase and OKX. This move comes amidst a slowdown in the SHIB market.
Cumberland Moves Majority of Shiba Inu Tokens
Within a 24-hour period, Cumberland executed substantial transfers involving over 210 billion SHIB tokens, as per data from The Data Nerd. Most notably, around 144 billion SHIB, valued at approximately $3.46 million, was sent to Coinbase. Another transfer of 50.36 billion SHIB worth $1.17 million was sent to OKX, along with 1.69 billion SHIB ($45,000) to an undisclosed destination. These transactions have significantly reduced Cumberland’s SHIB holdings to about 2 billion tokens, valued around $48,642.
6 hours ago, #Cumberland just deposited 144B $SHIB (~$3.3M) to #Coinbase.
10 hours ago, they deposited 50.36B $SHIB (~$1.17M) to #OKX.
Just now, they have 1.69B $SHIB (~$45k).
Address: pic.twitter.com/UoeueKsrA5
— The Data Nerd (@OnchainDataNerd) May 15, 2024
Cumberland has been showing a trend of more withdrawals than deposits, especially concerning SHIB tokens, in recent days.
The timing of these transactions coincides with a period of stabilization in the broader SHIB market. SHIB’s price has been consolidating within a narrow range after a downward breakout from a bull pennant pattern in mid-April. The current sideways movement suggests indecision in the market.
Market analysts consider significant whale transfers to exchanges as bearish signals, signaling potential selling pressure. The reasons behind Cumberland’s strategy are unknown, but the scale and choice of exchanges are closely watched by observers.
These recent events have sparked various speculations about SHIB’s future price movements, given its lackluster performance in the crypto market.
Currently, the Shiba Inu price is positioned between the 100-day EMA at $0.00002211 and the 50-day EMA at $0.00002408. A daily close above or below these averages will likely influence SHIB’s short-term price direction.
If this occurs, attention will shift to the trading range with resistance at $0.00002750 and support at $0.00002058, crucial levels for SHIB’s market activity.
At the moment, SHIB is trading at $0.00002404.
