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Billions of SHIB and PEPE Exit Binance in $166M Bloodbath
Gamza Khanzadaev
Anonymous Meme Coin Whale Withdraws Billions of SHIB and PEPE From Binance Amid $166M Crypto Bloodbath
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The cryptocurrency market has suffered a significant downturn today, with Bitcoin losing more than 2.5% and falling below the key $60,000 mark. This decline triggered a widespread sell-off across the market, resulting in a cumulative loss of nearly $100 billion in market capitalization.
Amidst this market turbulence, one account made a significant withdrawal from Binance, amounting to $59.41 million spread across eight different tokens. The largest portion of the withdrawal included 9,425 ETH, valued at $30.92 million. Additionally, the account moved 957.7 billion PEPPERfor a value of 9.82 million dollars and 583.7 billion SHIBISCOPEvalued at $9.63 million.
Source: Arkham Intelligence
Other significant tokens included 438,700 RNDR worth $3.13 million, 5.187 million MATIC worth $2.81 million, 104,100 LINK worth $1.47 million, 39,100 AVAX worth $1.08 million, and 2.762 million GRT worth $550,000.
The timing suggests that the person or company behind the transaction may have been trying to profit from lower prices as the market fell.
Equally interesting is that the main focus of the alleged buyer has been on meme tokens. Despite the plethora of fundamentally strong cryptocurrencies, it is this sector that seems to continue to dominate the scene in this cycle.
About the author
Gamza Khanzadaev
Financial analyst, trader and cryptocurrency enthusiast.
Gamza graduated with a degree in finance and credit with a focus on securities and financial derivatives. He then completed a master’s degree in banking and asset management.
He wants to contribute to the discussion of economic and fintech topics, as well as inform more people about cryptocurrencies and blockchain.