- The popular crypto trading firm, Cumberland, has transferred almost 200 billion Shiba Inu (SHIB) to major exchanges.
- Despite a recent decline in price, SHIB has shown signs of recovery, with a potential bullish breakout predicted by analysts.
- SHIB burn rates have significantly decreased, with only three burn transfers recorded in the past 24 hours.
In a recent development, Cumberland, a renowned crypto trading firm, has transferred a staggering amount of Shiba Inu to major exchanges. Despite a recent dip in price, the meme coin shows signs of recovery, with potential for a bullish breakout. However, SHIB burn rates have seen a significant decline.
Almost 200 billion SHIB go to major exchanges
Cumberland, a popular crypto trading firm, has reportedly transferred 144 billion Shiba Inu to the Coinbase exchange and 50.36 billion to OKX. These transfers, valued at $3.3 million and $1.17 million respectively, have left Cumberland’s wallet with an estimated 1.69 billion Shiba Inu worth roughly $45,000. This comes amidst reports of a staggering 1.5 trillion Shiba Inu being transferred by various crypto whales within the last 24 hours, involving major exchanges such as Binance, Kraken, and Gate.io.
Shiba Inu’s price performance
Despite losing 3.52% over the past 24 hours, SHIB has managed to recover 5.57%, reaching $0.00002419. Crypto trader and analyst, Ali Martinez, predicts a potential bullish breakout for the meme coin. According to Martinez, if Shiba Inu breaks the upper boundary of its current descending parallel channel, it could witness a 20% upswing to $0.00002954.
SHIB burns in decline
Despite the recent activity, the SHIB community has seen a decline in burn rates. Over the last 24 hours, only 2,367,075 meme coins have been disposed of, marking a -91.94% decrease compared to the previous day. Only three burn transfers have been recorded so far today.
Conclusion
While the transfer of almost 200 billion SHIB to major exchanges by Cumberland is a significant development, the meme coin’s price performance and declining burn rates paint a mixed picture for its future. Despite a recent dip, analysts predict a potential bullish breakout for SHIB. However, the significant decrease in burn rates could impact the coin’s value. As always, investors should keep a close eye on these developments and make informed decisions.
