Cumberland, an institutional digital asset trading company, transferred a significant amount of Shiba Inu (SHIB) tokens, worth approximately $4.5 million, to various cryptocurrency exchanges, including Coinbase and OKX. This decision comes against a backdrop of a notable slowdown in the SHIB market.
Cumberland unloads almost all Shiba Inu tokens
Over the past 24 hours, Cumberland has executed large transfers involving more than 210 billion SHIB tokens, according to on-chain data provider The Data Nerd (@OnchainDataNerd). The bulk of these tokens, approximately 144 billion SHIB, valued at approximately $3.46 million, were transferred to the US-based crypto exchange Coinbase. This transaction took place in the last 12 hours, which corresponds to SHIB’s market price of $0.000024.
An earlier transaction during the same 24-hour period involved Cumberland transferring 50.36 billion SHIB worth $1.17 million to OKX along with an additional 1.69 billion SHIB ($45,000 $) to an anonymous destination. These combined transfers reduced Cumberland’s holdings in SHIB to approximately 2 billion SHIB tokens, currently worth approximately $48,642, according to Arkham Intelligence. data.
6 hours ago, #Cumberland I just filed 144B $SHIB (~$3.3 million) to #Coinbase.
10 hours ago they deposited 50.36 billion $SHIB (~$1.17 million) to #OKX.
Right now, they only have 1.69 billion $SHIB (~$45,000).
Address:https://t.co/CtC84h2EJL pic.twitter.com/UoeueKsrA5
– The Data Nerd (@OnchainDataNerd) May 15, 2024
These transactions appear to follow a pattern of recent behavior by Cumberland. The company’s transaction history over the past few days reveals a trend of more withdrawals than deposits, particularly regarding the SHIB token.
The timing of Cumberland’s transactions correlates with a period of stagnation in the broader SHIB market. After falling following a bullish pennant pattern in mid-April, SHIB price has since entered a consolidation phase, oscillating in a narrow range. The daily chart indicates that SHIB is currently trading between $0.00002058 and $0.00002750, showing a sideways movement that suggests a period of indecision in the market.
Market analysts often consider such large transfers of “whales” trading as a bearish signal, hinting at potential selling pressure. The motivations behind Cumberland’s current strategy are not publicly known, but the scale of these trades and choice of exchanges are crucial to market observers .
Ongoing developments have given rise to various speculations about the future price movements of SHIBespecially considering the token’s recent lackluster performance in the crypto market.
Currently, Shiba Inu price is between two key moving averages: the 100-day EMA, currently at $0.00002211, and the 50-day EMA, at $0.00002408. A daily close above or below either of these averages is likely to dictate the short-term trajectory of SHIB price.
If this happens, attention will shift to the previously mentioned trading range, especially its resistance at $0.00002750 and support at $0.00002058, as these levels are expected to play a crucial role in the next phase of SHIB’s market activity.
At press time, SHIB was trading at $0.00002404.
Featured image from GlobalNewswire, chart from TradingView.com
