As an experienced market analyst, I closely monitor on-chain data and trends to gain insights into the crypto market’s dynamics. The recent transfer of a substantial quantity of Shiba Inu (SHIB) tokens from Cumberland to various exchanges, totaling approximately $4.5 million, is a noteworthy development in the SHIB ecosystem.
Cumberland, a prominent digital asset trading company, recently shifted a large number of Shiba Inu (SHIB) tokens, worth around $4.5 million, to different cryptocurrency platforms such as Coinbase and OKX. This action follows a discernible downturn in the SHIB market.
Cumberland Offloads Almost All Shiba Inu Tokens
In the last 24 hours, as reported by on-chain data provider The Data Nerd (@OnchainDataNerd), Cumberland carried out substantial transfers totaling over 210 billion SHIB tokens. Around 144 billion SHIB, equivalent to around $3.46 million, were shifted to the US crypto exchange, Coinbase. This transfer took place within the last 12 hours and coincides with SHIB’s current market price of $0.000024.
Within the last 24 hours, Cumberland executed two transactions. The first transfer saw 50.36 billion SHIB tokens, equivalent to approximately $1.17 million, moved from Cumberland to OKX. In a separate transaction, Cumberland transferred 1.69 billion SHIB tokens, or around $45,000, to an undisclosed recipient. Consequently, Cumberland now retains roughly 2 billion SHIB tokens, currently valued at around $48,642 based on market data provided by Arkham Intelligence.
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:
— The Data Nerd (@OnchainDataNerd) May 15, 2024
As a crypto investor observing Cumberland’s transaction history, I’ve noticed a recurring pattern in their recent activities. They seem to be withdrawing more tokens than depositing, with a noticeable increase in SHIB token transactions.
Cumberland’s transactions align with a sluggish phase in SHIB‘s wider market, following its steep decline from a bullish pennant formation around mid-April. Since then, SHIB’s price has been moving sideways, fluctuating between $0.00002058 and $0.00002750 on the daily chart. This narrow range implies that investors are uncertain about the market direction.
As a crypto investor, I’ve noticed that large transfers of cryptocurrencies from “whales” to exchanges can be seen as a bearish sign by market analysts. This is because such moves may indicate selling pressure in the market. However, it’s important to note that the motivations behind Cumberland’s recent strategy remain a mystery. Regardless, the size and choice of exchanges for these transactions are key factors that market observers will be closely monitoring.
Recent advancements have led to diverse predictions regarding Shiba Inu’s price trajectory moving forward, given its subpar showing in the cryptocurrency market as of late.
At present, the Shiba Inu coin’s price hovers around the middle of two significant moving averages: the 100-day Exponential Moving Average (EMA), which stands at $0.00002211, and the 50-day EMA, located at $0.00002408. A closing day’s price above or below either of these averages could influence the near-term trend for Shiba Inu’s price movement.
If this happens, the attention will then move back to the earlier mentioned trading range, particularly its resistance at $0.00002750 and support at $0.00002058. These levels are anticipated to significantly influence SHIB‘s market behavior in the upcoming stage.
At press time, SHIB traded at $0.00002404.
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2024-05-15 22:11