Trading Firm Cumberland Moves 332,427,690,902 Shiba Inu as Price Tanks 17%

Over 332,427,690,902 (332) billion Shiba Inu are on the move via Cumberland amid SHIB’s significant decline over the past week.

The price of Shiba Inu has been battling bearish forces for the past week, sinking below previously conquered territories.

In the last 24 hours alone, Shiba Inu has declined further by over 7%. This turnout has plunged its seven-day performance further, amounting to 17% negative growth.

Whale Move 332 billion SHIB.

Amid the bearish trajectory, Cumberland, a professional cryptocurrency trading firm, has continued to move significant amounts of Shiba Inu tokens to unknown wallets. In one of its latest moves, over 332 billion SHIB tokens left Cumberland for an unnamed destination.

In particular, Whale Alert has disclosed that 332,427,690,902 Shiba Inu were transferred from Cumberland to an unknown address. At the time of the disclosure, the moved tokens were valued at $10,858,584.

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

— Whale Alert (@whale_alert) March 11, 2024

This transaction has sparked significant attention in the crypto community, with some wondering whether it is a positive move for Shiba Inu—also, the unknown destination of the SHIB tokens added to the mystery. An X user speculated that the trading firm sent the tokens to a private wallet.

However, blockchain data from Etherscan indicated that the recipient wallet of the over 332 billion Shiba Inu is associated with the well-known U.S. exchange Robinhood.

Meanwhile, the recent massive movement of Shiba Inu from Cumberland has not occurred for the first time. On March 4, Cumberland moved a more staggering 1,250,318,249,876 SHIB (1.25 trillion) to an unknown address. 

The staggering SHIB transfer occurred amid Shiba Inu cracking 2021 highs, with an explosive rally exceeding 350% within a week. However, the bears, spearheaded by Bitcoin, have taken over Shiba Inu’s bullish frenzy.

At press time, Cumberland’s wallet still holds more than 54.93 SHIB tokens valued at over 1.77 million. Besides, Cumberland’s wallet is not the only Shiba Inu whale that has significantly shuffled amid SHIB’s price performance. 

The Crypto Basic recently called attention to a Shiba Inu wallet that moved to liquidate approximately 300 billion SHIB via market maker Wintermute.