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

An analytics account housed on the X social media platform, @OnchainDataNerd, has revealed that a second consecutive large SHIB chunk has been spotted moving over the past 10 hours. Two massive sums in crypto were transferred by major trading firm Cumberland.

Almost 200 billion SHIB go to major exchanges

The aforementioned account @OnchainDataNerd spread the word that popular crypto trading firm Cumberland, which has been operating on the market since 2014 and in the past worked with Goldman Sachs and Nomura as a liquidity provider for their crypto trades, has transferred 144 billion Shiba Inu to the Coinbase exchange.

Several hours prior to that, the same company moved 50.36 billion to OKX. These chunks of SHIB are evaluated at $3.3 million and $1.17 million. Now, after these transfers, Cumberland’s wallet still holds an estimated 1.69 billion Shiba Inu worth roughly $45,000.

Overall, according to a U.Today report published earlier, within the last 24 hours, there has been a staggering 1.5 trillion Shiba Inu transferred by various crypto whales. These transfers contained mainly between 42.6 billion SHIB to 397 billion SHIB and involved major exchanges, such as Binance, Kraken, Gate.io and the above-named Coinbase.

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Shiba Inu's price performance

Over the past 24 hours, the second most popular canine-themed cryptocurrency, SHIB, has lost 3.52%. Today, this meme coin resumed growing and managed to recover 5.57%, reaching $0.00002419 with a small decline subsequently.

Earlier this week, popular crypto trader and analyst on X Ali Martinez published a SHIB graph, accompanying it with a prediction of a potential bullish breakout.

The trader shared that Shiba Inu is currently moving within the descending parallel channel at the moment. If the meme coin is able to break out of the upper boundary of this formation, it could soar as high as 20%; that would be the $0.00002954 price level.

SHIB burns in decline

According to the Shibburn wallet tracker, over the period of the last 24 hours, the SHIB community has disposed of 2,367,075 meme coins. Still, the burn rate metric is deep in the red zone since it has been pushed by -91.94% compared to the previous day. There have been only three burn transfers so far today.