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

Cryptocurrency Market Experiences Downturn, Account Withdraws Millions from Binance

On December 4, 2021, the cryptocurrency market witnessed a significant drop, with Bitcoin losing over 2.5% and falling below the crucial $60,000 threshold. This decline led to a market-wide sell-off, resulting in an estimated $100 billion loss in market capitalization.

Amidst this market turbulence, an account withdrew a substantial amount of funds from Binance. The withdrawal amounted to $59.41 million, distributed among eight different tokens. The largest portion of the withdrawal, valued at $30.92 million, consisted of 9,425 ETH. Notably, the account also transferred:

• 957.7 billion PEPE (valued at $9.82 million)
• 583.7 billion SHIB (valued at $9.63 million)
• 438,700 RNDR (valued at $3.13 million)
• 5.187 million MATIC (valued at $2.81 million)
• 104,100 LINK (valued at $1.47 million)
• 39,100 AVAX (valued at $1.08 million)
• 2.762 million GRT (valued at $550,000)

The timing of this transaction suggests that the individual or entity behind it might have attempted to profit from the falling market prices.

Intriguingly, the recipient of these funds has primarily focused on meme tokens. Despite the availability of numerous cryptocurrencies with strong fundamentals, meme tokens appear to continue dominating the market during this cycle.