Close to 200 Billion SHIB Sent to Leading Exchanges by Big Player as Price Soars

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As a researcher with a background in cryptocurrency and blockchain analysis, I find the recent activity surrounding Shiba Inu (SHIB) on major exchanges intriguing. The account @OnchainDataNerd has brought to light significant transactions made by Cumberland, a well-established crypto trading firm that has been operating since 2014. Transferring over 194 billion SHIB within ten hours, with two separate transfers of roughly $3.3 million and $1.17 million each, to Coinbase and OKX respectively, is a noteworthy development.

As a crypto investor, I’ve come across some intriguing news from my go-to analytics account, @OnchainDataNerd, on X social media platform. They’ve reported two successive large transfers of SHIB tokens within the last 10 hours. Notably, these transactions were executed by the reputable trading firm, Cumberland.

Almost 200 billion SHIB go to major exchanges

Previously mentioned account @OnchainDataNerd announced that well-established crypto trading firm Cumberland, active in the market since 2014 and previously partnered with Goldman Sachs and Nomura for their cryptocurrency trade liquidity, moved 144 billion Shiba Inu tokens to the Coinbase platform.

Approximately five hours before the mentioned event, the same company transferred 50.36 billion Shiba Inu tokens, valued at around $3.3 million and $1.17 million respectively, to OKX. Following these transactions, Cumberland’s wallet is estimated to hold approximately 1.69 billion Shiba Inu coins, equivalent to roughly $45,000 in value.

As an analyst, I’ve noticed some recent transactions involving the address associated with Cumberland’s Shiba Inu ($SHIB) holdings. Six hours ago, they deposited a large amount of $SHIB, specifically 144 billion tokens, which is equivalent to approximately $3.3 million, into Coinbase. Previously, ten hours ago, they had deposited a smaller quantity of 50.36 billion $SHIB, or around $1.17 million, into OKX. However, just now, the address shows a balance of only 1.69 billion $SHIB, equivalent to approximately $45,000. The transactions suggest that Cumberland may have transferred some or all of their $SHIB holdings between these two exchanges.— The Data Nerd (@OnchainDataNerd) May 15, 2024

According to a recent report by U.Today, a massive transfer of approximately 1.5 trillion Shiba Inu tokens took place over the past day. This transfer was primarily facilitated by crypto whales and involved quantities ranging from 42.6 billion to 397 billion SHIB. Notable exchanges, including Binance, Kraken, Gate.io, and Coinbase, were implicated in these transactions.

Shiba Inu’s price performance

In the last 24 hours, SHIB, the second-ranking cryptocurrency with a canine theme and often referred to as a meme coin, experienced a decrease of 3.52%. However, it bounced back today and gained 5.57%, peaking at $0.00002419. A slight dip followed afterwards.

As a crypto investor, I’ve been closely following the analysis of X Ali Martinez, a well-known trader and expert in the field. This week, he shared an intriguing Shiba Inu (SHIB) chart on his social media platform, accompanied by his prediction of an imminent bullish breakout for this digital asset.

Should the price of #ShibaInu surpass the upper limit of the current downward sloping parallel channel at a value of $0.00002444, it’s likely that Shiba Inu could experience a 20% increase in value, reaching approximately $0.00002954.

— Ali (@ali_charts) May 13, 2024

At present, the trader revealed that Shiba Inu is confined within a descending parallel channel. If this meme coin manages to surpass the upper limit of this pattern, it may surge up to 20%, reaching a potential price tag of $0.00002954.

SHIB burns in decline

Based on data from the Shibburn wallet monitor, the SHIB community has gotten rid of approximately 2.37 million meme coins in the last 24 hours. However, the burn rate indicator is displaying a significant decrease of 91.94% compared to the previous day and has moved into the red zone. So far today, there have been just three transactions resulting in the burning of SHIB tokens.

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2024-05-15 14:43