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Binance Launches Meme Coin Giveaway as Whale Moves $53M Bitcoin

Binance ignites trader interest with a meme coin giveaway amid significant Bitcoin withdrawals by a whale.

In a striking blend of events, Binance has rolled out a massive giveaway for meme coin traders, including SHIB and DOGE, on the same day a mega whale withdrew $53 million worth of Bitcoin, stirring market speculation.

Binance Reengages Traders with Meme Token Giveaway, Eyes Higher Turnover and Engagement

In a recent report by U.Today, participating in this promotion could benefit both regular and premium members. The mechanics are simple: the first 2,000 qualified users who confirm their participation and complete trades worth at least $100 on specific spot trading pairs will each earn 5 FDUSD in token vouchers.

This appealing campaign includes the following tokens: SATS, BOME, Dogecoin (DOGE), Floki Inu (FLOKI), Ordinals (ORDI), Pepe Coin (PEPE), Shiba Inu (SHIB), and Dogwifhat (WIF). These tokens reflect a wide range of meme-inspired assets, each with its distinct appeal among the cryptocurrency community.

The campaign is a planned move by the exchange to reengage inactive users on the platform and capitalize on the growing popularity of meme tokens.

Furthermore, it is well known that exchanges, including Binance, derive the majority of their revenue from commissions on turnover, with meme cryptocurrencies now accounting for the highest volumes. So, while the exchange is giving away $10,000 in stablecoins, the potential yield is significantly larger.

Whale Withdraws $53 Million in Bitcoin as Market Speculates on ETF Impact and Whale Movements

According to analytics firm Lookonchain, a whale withdrew about $53 million in Bitcoin from Binance within the last five hours.

Following the approval of numerous Bitcoin ETFs, some social media users began speculating that huge institutional investors might enter the market. Last week, there was a noticeable shift in accumulation patterns, with whales spreading their holdings rather than boosting their portfolios.

Bitcoin whales have played an important role in setting the market's direction; therefore, the cryptocurrency community pays close attention to their movements. At the end of 2023, whales still accounted for about 40% of Bitcoin's entire supply, demonstrating their great power.

The largest cryptocurrency is trading at $66,273, hitting an intraday high of $66,504 earlier this Monday. Despite many analysts expecting that the halving would be a sell-the-news event, Bitcoin's price behavior has been relatively positive thus far.

On April 24, Whale Alert, a service that tracks large transactions, also recorded two large Tether (USDT) transactions sent to Binance. The cumulative value of the aforementioned transitions approached 123 million. As reported by U.Today, $14 million worth of XRP was also transferred to an unknown wallet.

The largest meme coins remain in the green despite significant whale moves over the past 24 hours.

Photo: Microsoft Bing

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