Despite a positive start to the week in the cryptocurrency market, things took a turn for the worse, and after a 2.5% drop today, the price stands at $60,000. It was also observed that the price fell below $60,000 several times throughout the day. Such declines can bring panic and greater selling pressure. Nevertheless, some investors’ moves can be interpreted as efforts to position themselves before a potential market rise. Despite this, the declines experienced during the day triggered a $100 billion loss in the last 24 hours.
Cryptocurrency Withdrawals
Amid the market declines, an investor made withdrawals from the Binance exchange totaling $59.41 million, including eight different tokens. The largest withdrawal occurred in ETH, which carries great ETF expectation excitement. During this period, 9,425 ETH, worth approximately $30.92 million at the time of writing, was removed from the exchange.
Additionally, a notable move was seen in meme coins. 957.7 billion PEPE worth $9.82 million and 583.7 billion SHIB worth $9.63 million were withdrawn from exchanges.
Among the withdrawn tokens were 438,700 RNDR worth $3.13 million, 5.187 million MATIC worth $2.81 million, and 104,100 LINK tokens worth $1.47 million. Additionally, 39,100 AVAX worth $1.08 million and 2.762 million GRT worth $550,000 were also notable.
Considering the period when these transactions took place, it would not be wrong to say that the investor was trying to turn the falling market conditions to their advantage. The market decline was notable during the period when the investor made this move. This move was interpreted as preparation for a potential market rise in the future.
SHIB and PEPE Prices
When we examine the two meme coins involved in the transactions, SHIB was trading at $0.00001638 after a 5% drop in the last 24 hours. SHIB’s market cap remains at $9.6 billion, positioning it 13th on the CoinMarketCap list.
On the other hand, PEPE, which made headlines last month, saw its price drop by 9.62% in the last 24 hours, falling to $0.00001021.
As PEPE moves further away from the levels reached last month, its market cap has also dropped to $4.2 billion. Despite this, PEPE remains the third-ranked meme coin.
