Cumberland Moved 194 Billion SHIB, Did Price Drop Later?


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Crypto News Squad
Jul 16, 2023

Cumberland Moved 194 Billion SHIB, Did Price Drop Later?

Cumberland, a major crypto trading firm, moved a total of 194 billion Shiba Inu (SHIB) tokens to various exchanges in a series of significant transactions that took place today. This significant move has raised concerns among investors about the potential price drop of the popular meme coin. The large-scale transfers point to a possible strategic maneuver by Cumberland, potentially aimed at taking advantage of market conditions or executing a planned sale. Investors are watching these movements closely, aware that such significant changes in assets could impact SHIB’s market price.

Strategic Transfers and Sale of OKX Signal Potential to Coinbase

Cumberland recently transferred 144 billion SHIB worth approximately $3.3 million to Coinbase. This large-scale deposit is one of the single most significant moves SHIB has made to a centralized exchange in recent weeks. Earlier today, Cumberland deposited 50.36 billion SHIB into OKX, worth approximately $1.17 million. These actions increase the cumulative amount of SHIB moving to exchanges, increasing speculation about the company’s intentions.

Currently, Cumberland holds a much smaller amount of SHIB and only has 1.69 billion SHIB left, worth about $45,000. This dramatic reduction in SHIB assets indicates a strategic move to potentially offload its assets from the market. The transfer of such a significant amount of SHIB to exchanges such as Coinbase and OKX indicates that Cumberland may be preparing to sell these assets.

When large amounts of cryptocurrency are moved to exchanges, this often signals a sell signal, which can lead to a decline in the price of the asset due to increased supply in the market. Market analysts and SHIB holders are currently monitoring the situation closely. If Cumberland does indeed sell its SHIB assets, the influx of SHIB into the market could put downward pressure on its price, causing a decline. The community remains vigilant as the next few hours will be vital in determining SHIB’s short-term price trajectory.

So read: FLOKI Price Rises 14% Amid Revolut Listing, Will The Rise Continue?

Current Market Impact and Future Prospects for SHIB

At the time of writing, SHIB’s price is up 4.01% in the last 4 hours and is currently trading at $0.00002374. The market value of Meme coin is 13.94 billion dollars and its 24-hour trading volume is 689.4 million dollars. Coinglass data showed a 0.47% increase in SHIB’s open interest reaching $41.2 million; This indicates increased trading activity and increased investor interest in the asset.

SHIB is currently trading between $0.00002421 and $0.00002292, indicating current market volatility. The Relative Strength Index (RSI) is at 61.42%, signaling some buying pressure on the token. Although technical indicators show mixed sentiment, further declines can be expected in the short term. However, looking at long-term prospects, post-BTC halving events could potentially trigger a price rally in shiba inu, which could also be supported by bullish factors such as ongoing token burns and ecosystem developments.

So read: 10-Year dogecoin Stack Dump Leaves DOGE Investor With Million Dollar Loss

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