Cumberland Trading Shifts Over 332 Billion Shiba Inu Tokens Amidst a 17% Drop in Value

An immense quantity of Shiba Inu tokens, amounting to over 332 billion, has been relocated by Cumberland amidst a downtrend in SHIB’s value over the recent days.

The cryptocurrency Shiba Inu has been enduring a downtrend, sliding beneath its prior achievements over the span of the last seven days.

In barely the previous day, Shiba Inu’s worth has dipped by an additional 7%, compounding the decline to a 17% fall over a week-long period. Details on the slump can be found here.

Major SHIB Transfer: 332 Billion Tokens

Cumberland, known for its digital currency trading activities, has persisted in transferring significant sums of Shiba Inu, with its latest transaction seeing over 332 billion tokens dispatched to an undisclosed recipient.

Whale Alert has highlighted a recent significant transaction of 332,427,690,902 Shiba Inu, amounting to roughly $10,858,584, transferred from Cumberland to an unlisted address.

🚨 332,427,690,902 #SHIB ($10,858,584 USD) transferred from #Cumberland to unknown wallet https://t.co/n9ftIpy60r

— Whale Alert (@whale_alert) March 11, 2024

The community is abuzz with curiosity over the nature of this move, some speculating the intent behind it. An individual’s thoughts on this transaction are expressed here. Noteworthy is the revelation that the transaction’s destination might be associated with the prominent trading platform Robinhood, as indicated by Etherscan’s blockchain data.

This significant reshuffling of Shiba Inu by Cumberland isn’t unprecedented. On March 4, an even larger transfer of 1.25 trillion SHIB by the firm coincided with a significant rally in Shiba Inu’s price.

As of the latest update, Cumberland’s holdings still include over 54.93 billion SHIB, having a value surpassing $1.77 million. Monitoring of significant Shiba Inu holdings indicates active movements correlating with SHIB’s market dynamics.

Recent coverage drew attention to another whale’s activity, attempting to offload nearly 300 billion SHIB through the market maker Wintermute.