In a period of subdued activity in the SHIB market, institutional digital asset trading firm Cumberland has offloaded over 210 billion Shiba Inu tokens to exchanges Coinbase and OKX. The movements caught the attention of The Data Nerd, a popular crypto surveillance account.
Cumberland’s recent transaction involved the transfer of 144 billion SHIB tokens to U.S.-based crypto exchange Coinbase. This amounted to a monetary value of $3,458,880, based on SHIB’s market price of $0.00002402.
In addition, Cumberland transferred 63,294,278,297 SHIB to the OKX exchange and two other anonymous destinations. Overall, the firm has offloaded over 207 billion Shiba Inu tokens in the last 13 hours.
These outflow transactions were preceded by an inflow of 80 billion SHIB to Cumberland. This was the only inflow the firm received in the last 24 hours.
Cumberland’s Shiba Inu wallet also showed other outflows of smaller amounts over the past day. In total, the platform has withdrawn 210,596,503,121 SHIB in the last 24 hours.
Cumberland has been consistently withdrawing SHIB tokens from its wallet in recent days, with the pace picking up in the past few hours. The platform has had fewer deposits than withdrawals. Other prominent exchanges that received inflows from Cumberland include Robinhood, which is the third largest holder of Shiba Inu tokens.
After these outflows, Cumberland’s Shiba Inu wallet now holds a balance of only 1.96 billion SHIB, worth $49,000.
The reason behind Cumberland’s continuous distribution of SHIB tokens to exchanges is unclear. However, transferring significant quantities of a token to centralized liquid platforms is often seen as a bearish indicator, suggesting potential selling pressure.
The ongoing withdrawals of SHIB tokens by Cumberland coincide with a period of stagnation in the Shiba Inu market. Neither bulls nor bears show strong momentum, although bears seem to have a slight advantage.
The 24-hour trading chart for Shiba Inu displays an overall downtrend, with the token’s price at $0.00002402 reflecting a marginal gain of 0.55%.
Disclaimer: This article provides information and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.