Cumberland,
an
institutional
digital
asset
trading
firm,
has
transferred
a
substantial
quantity
of
Shiba
Inu
(SHIB)
tokens,
valued
at
approximately
$4.5
million,
to
various
cryptocurrency
exchanges,
including
Coinbase
and
OKX.
This
move
comes
amidst
a
noticeable
slowdown
in
the
market
for
SHIB.

Cumberland
Offloads
Almost
All
Shiba
Inu
Tokens

Over
the
past
24
hours,
Cumberland
executed
significant
transfers
involving
more
than
210
billion
SHIB
tokens,
according
to
on-chain
data
provider
The
Data
Nerd
(@OnchainDataNerd).
The
major
portion
of
these
tokens,
approximately
144
billion
SHIB,
valued
at
roughly
$3.46
million,
was
moved
to
the
US-based
crypto
exchange,
Coinbase.
This
transaction
occurred
within
the
last
12
hours,
aligning
with
SHIB’s
market
price
of
$0.000024.

 

An
earlier
transaction
within
the
same
24-hour
period
involved
Cumberland
transferring
50.36
billion
SHIB
worth
$1.17
million
to
OKX
as
well
as
another
1.69
billion
SHIB
($45,000)
to
an
unnamed
destination.
These
transfers
combined
have
reduced
Cumberland’s
holdings
in
SHIB
to
just
about
2
billion
SHIB
tokens,
which
currently
value
around
$48,642,
according
to
Arkham
Intelligence

data.

6
hours
ago,

#Cumberland
just
deposited
144B

$SHIB
(~$3.3M)
to

#Coinbase.

10
hours
ago,
they
did
deposited
50.36B

$SHIB
(~$1.17M)
to

#OKX.

Just
now,
they
just
have
1.69B

$SHIB
(~$45k).

Address:https://t.co/CtC84h2EJL

pic.twitter.com/UoeueKsrA5

—
The
Data
Nerd
(@OnchainDataNerd)

May
15,
2024

These
transactions
appear
to
follow
a
recent
pattern
of
behavior
from
Cumberland.
The
firm’s
transaction
history
over
the
past
several
days
reveals
a
trend
of
more
withdrawals
than
deposits,
particularly
involving
the
SHIB
token.

The
timing
of
Cumberland’s
transactions
correlates
with
a
period
of
stagnation
in
the
broader
SHIB
market.
After
breaking
out
to
the
downside
from
a
bull
pennant
pattern
in
mid-April,
the
price
of
SHIB
has
since
entered
a

consolidation
phase,
oscillating
within
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
view
such
significant
transfers
of
“whales”
to
exchanges
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
transactions
and
the
choice
of
exchanges
are
critical
for
market
observers.

The
ongoing
developments
have
prompted
varied
speculations
about
the

future
movements
of
SHIB’s
price,
especially
considering
the
token’s
recent
lackluster
performance
in
the
crypto
market.

Currently,
the
Shiba
Inu
price
is
positioned
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’s
price.

Should
this
occur,
the
focus
will
shift
to
the
previously
mentioned
trading
range,
specifically
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
traded
at
$0.00002404.

Featured
image
from
GlobalNewswire,
chart
from
TradingView.com

Go to Source
Author: Jake Simmons

Recommended Crypto Services, Products and Strategies: