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An unknown whale address has drawn attention in the Shiba Inu community after withdrawing more than 280 billion $SHIB from cryptocurrency exchange OKX during the token’s recent rebound.
According to Arkham data, 280,826,574,058 Shiba Inu moved from an OKX hot wallet to an unlabeled address at 16:38 UTC yesterday. At the time, the tokens were worth $1.56 million.
Although Arkham labels the recipient as an unknown address, on-chain activity suggests that it is connected to Cumberland, a major digital-asset liquidity provider. The wallet initially received funding from Cumberland and has since recorded several transactions involving the firm.
However, the address has not retained the entire withdrawal. After distributing the tokens across several wallets, it now holds 14.29 billion $SHIB, worth around $79,030.
$SHIB Pulls Back After Strong Weekend Rally
The large transfer comes as $SHIB gives back part of its recent gains. Shiba Inu 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. Meanwhile, exchange-flow data is providing another potentially bullish signal. Investors withdrew 137.60 billion $SHIB from exchanges over the previous 24 hours, pushing total exchange reserves below 87 trillion tokens to 86.98 trillion $SHIB.
Generally, large exchange outflows can reduce the amount of $SHIB immediately available for trading and potentially ease selling pressure, with analysts considering the move a bullish signal.
$SHIB Approaches Key Technical Decision Point
Meanwhile, Shiba Inu is approaching an important technical area. Crypto analyst GainMuse highlighted a wedge formation on the two-hour chart, with support currently controlling the structure.
The setup features eight support levels and seven resistance levels, pointing to a closely contested market. Therefore, $SHIB’s next reaction around the nearest technical level could determine its short-term direction.
A decisive breakout above resistance could strengthen the recent bullish momentum and pave the way for further gains. Conversely, a rejection at resistance followed by a breakdown below support could expose $SHIB to deeper losses, with $0.000005 and $0.0000048 emerging as potential downside targets.
Source: cryptonews.net