Cumberland, an institutional digital asset trading organization, has transferred around $4.5 million worth of Shiba Inu (SHIB) tokens to several cryptocurrency exchanges, including Coinbase and OKX. This decision comes as the SHIB market is experiencing a considerable slump.
Cumberland has made large transfers involving over 210 billion SHIB tokens in the last 24 hours, according to on-chain data provider The Data Nerd (@OnchainDataNerd).
Most of these approximately 144 billion SHIB tokens, valued at over $3.46 million, were transferred to Coinbase, a US-based cryptocurrency exchange. This transaction occurred during the previous 12 hours, coinciding with SHIB’s market price of $0.000024.
Cumberland Transfers SHIB Worth $4.5 Million
Within the same 24-hour period, the organization transferred 50.36 billion SHIB ($1.17 million) to OKX and another 1.69 billion SHIB ($45,000) to Coinbase. According to Arkham Intelligence data, the total SHIB holdings have been reduced to around 2 billion SHIB tokens, valued at $48,642.
These trades are consistent with Cumberland’s recent practice. The firm’s transaction history over the last several days demonstrates a tendency for more withdrawals than deposits, particularly with the SHIB token.