Cumberland Unloads 210,596,503,121 Shiba Inu to Exchanges Amid Market Lull

Institutional digital asset trading firm Cumberland offloaded over 210 billion Shiba Inu tokens to exchanges Coinbase and OKX amid subdued activity in the SHIB market.

Over the last 24 hours, Cumberland significantly shuffled its Shiba Inu holdings between prominent centralized exchanges. The Data Nerd, a widely followed crypto surveillance account, called attention to the movements.

Cumberland’s latest Shiba Inu transaction initially involved the transfer of 144 billion SHIB tokens, which occurred within the last eight hours. The assets made their way to U.S.-based crypto exchange Coinbase.

The monetary value of these tokens amounted to $3,458,880, considering SHIB’s market price of $0.00002402.

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

Cumberland Moves 210B Shiba Inu in 1 Day

Five hours earlier, 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 within the last 13 hours.

The recent outflow transactions preceded an inflow of 80 billion SHIB to the institutional firm. This 80 billion SHIB transaction accounts for Cumberland’s sole inflow in the last 24 hours.

Meanwhile, other outflows involving meager sums were also observable over the past day on Cumberland’s Shiba Inu wallet. Cumulatively, the platform has withdrawn 210,596,503,121 SHIB within the last 24 hours.

Cumberland has been on a withdrawal frenzy for the past few days, though the output picked momentum in the past few hours. Its transaction history shows fewer deposits than withdrawals. Other prominent exchanges that took inflow from Cumberland include Robinhood, the third largest Shiba Inu holder.

After the outflows, the institutional platform’s Shiba Inu wallet reflects a balance of only 1.96 billion SHIB worth $49,000.

The motivation for Cumberland’s persistent distribution of SHIB tokens to exchange remains uncertain. However, the transfer of substantial quantities of a token to centralized liquid platforms is typically interpreted as a bearish indicator, suggesting potential selling pressure.

SHIB Price Amid the Distribution

Besides, Cumberland’s ongoing SHIB token withdrawals coincide with a period of stagnation in Shiba Inu’s market dynamics. Neither bulls nor bears show strong momentum, although the bears seem to have a slight advantage.

In particular, the 24-hour trading chart for Shiba Inu displays an overall downtrend. The token’s price at $0.00002402 reflects a marginal gain of 0.55%.

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