Large MEME tokens withdrawn from Binance, short-term may be bearish for MEME, the market needs to be vigilant about selling pressure risks
According to TechFlow news, on September 27, a newly created wallet withdrew 1 billion MEME tokens from Binance, valued at approximately 2.347 million dollars.
From the perspective of the cryptocurrency market, the short-term outlook for MEME tokens is bearish. Such a large transfer of tokens, if followed by selling behavior, could easily lead to downward pressure on the price of MEME.
As for other cryptocurrencies, mainstream coins like $BTC and $ETH have not been directly affected by this event, but market sentiment towards altcoins may become cautious due to fluctuations in MEME, benefiting mainstream tokens with stable market capitalization and strong liquidity, while being bearish for speculative small-cap altcoins.
It is necessary to closely monitor the subsequent trading trends of MEME and guard against the risk of related selling pressure affecting market sentiment.
