Cumberland Transfers 194 Billion SHIB, Price Drop?

In a series of major transactions today, major cryptocurrency trading firm Cumberland has moved a total of 194 billion Shiba Inu (SHIB) coins to various exchanges. The major move has raised concerns among investors about a potential drop in the price of the popular meme coin.

Recently, Cumberland transferred a whopping 144 billion SHIB to Coinbase, worth about $3.3 million. The massive deposit is one of the most significant single moves of SHIB to centralized exchanges in recent weeks. Earlier today, Cumberland deposited 50.36 billion SHIB to OKX, worth about $1.17 million.

SHIB is currently trading between $0.00002421 and $0.00002292, illustrating the volatility of the current market. The relative strength index (RSI) is at 61.42%, indicating some buying pressure for the token. Although technical indicators show mixed sentiment, further declines are expected in the short term. However, in the long-term outlook, events after Bitcoin halving may trigger a rise in Shiba Inu prices, further supported by bullish aspects such as continued token destruction and ecosystem development.