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Billions of SHIB and PEPE Exit Binance in $166 Million Crypto Bloodbath

The crypto market experienced a significant downturn today, with Bitcoin losing over 2.5% and falling below the key $60,000 mark. This decline triggered a widespread sell-off across the market, resulting in an aggregate loss of nearly $100 billion in market capitalization.

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Amid this market turmoil, an account made a notable withdrawal from Binance, amounting to $59.41 million spread across eight different tokens. The most substantial portion of the withdrawal comprised 9,425 ETH, valued at $30.92 million. Additionally, the account moved 957.7 billion PEPE, worth $9.82 million, and 583.7 billion SHIB, valued at $9.63 million. 

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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.

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The timing suggests that the person or company behind the transaction may have been trying to capitalize from lower prices as the market dropped.

Equally interesting is that the primary 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 rule the board in this cycle.

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