Whale Withdraws Massive Shiba Inu Stash as Token Nears Crucial Technical Breakout
An unknown whale has withdrawn an enormous amount of Shiba Inu tokens from OKX, sparking interest in the community. According to Arkham data, the whale transferred 280,826,574,058 SHIB from its OKX hot wallet to an unlabeled address on February 13th at 16:38 UTC. This significant move is worth approximately $1.56 million.
The recipient's address has been linked to Cumberland, a major digital-asset liquidity provider, due to historical on-chain activity. The address initially received funding from Cumberland and has since recorded several transactions involving the firm. However, it's worth noting that the address has not retained the entire withdrawal, distributing the tokens across multiple wallets.
SHIB's recent price action is also noteworthy, as the token climbed above $0.000006 over the weekend and reached a high of $0.000006191 before retreating. At press time, SHIB was trading around $0.000005507, up 1.7% over 24 hours and 24.73% over the past week.
The large exchange outflow has pushed total exchange reserves below 87 trillion tokens to 86.98 trillion SHIB, which is considered a bullish signal by some analysts. Additionally, investors withdrew 137.60 billion SHIB from exchanges over the previous 24 hours.