Binance Freezes Market Maker’s $38,000,000 Profits After Dumping MOVE Tokens on Retail Traders
Binance has banned another market maker and frozen its assets after identifying certain irregularities.
The top global crypto exchange didn’t identify the market maker but noted that it operated for the Ethereum (ETH)-based layer-2 project Movement (MOVE).
Movement uses Move, a programming language originally built by a consortium backed by tech giant Meta for the now-defunct Diem project. The language was then used to develop layer-1 blockchains Sui (SUI) and Aptos (APT).
The project’s native token launched via Binance’s Airdrops Portal in December, but the exchange says that after MOVE was listed, the now-banned market maker sold approximately 66 million MOVE tokens on December 10th, with few buy orders. The market maker ended up netting a profit of $38 million worth of the stablecoin USDT before being offboarded last week.
Binance notified the Movement teams and froze the market maker’s proceeds to compensate users.
The exchange also notes the market maker was associated with another entity it banned earlier this month. The name of the other banned market maker also wasn’t disclosed, though Binance said it operated as a liquidity provider for the decentralized security layer GoPlus Security (GPS) and the AI consumer project MyShell (SHELL).
MOVE is up nearly 24% in the past 24 hours. The 77th-ranked crypto asset by market cap is trading at $0.546 at time of writing.
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Pepe to $0.00002? Meme Coin Jumps 10%, Eyes Big End to March
There is no shortage of cryptocurrencies that struggled this month. With a stagnant stock market, ongoing geopolitical and economic concerns had left a host of finance sectors struggling. However, that drastically changed this week. Moreover, Pepe looks to be among the biggest movers, as the meme coin eyes $0.00002 and a big end to the month of March.
Since its launch in the middle of 2023, Pepe has enjoyed a rapid ascension to become the third-largest meme coin by market cap. Now, there are high hopes for where the token could eventually end up before the year is through. Yet, that increase will depend, in large part, on how it finishes this month.
Also Read: Pepe (PEPE) & DogWifHat (WIF) March End Price Prediction
Pepe Regains Losses in March as Turnaround Looks Inevitable
Despite getting increased regulatory focus this year, the crypto market has struggled to increase its value just three months into the year. That is not a reelection in the market itself, however, just the macroeconomic factors that surround it. As those begin to ease and find conclusions, there are expectations that the digital asset sector will find its footing once again.
Many tokens have already begun to find that footing as March comes to a close. Chief among them is Pepe, as the token jumped 10% on Tuesday, with eyes on both the $0.00002 level and a massive end to March.
Also Read: Pepe: Analyst Predicts 50% Rally To $0.0000105
The meme coin’s big day has continued with an 18% increase over the last seven days, according to CoinMarketCap. Although it still stands at $0.0000087, the asset has made notable strides this month. Specifically, it has rebounded in a big way.
According to a CCN report, Pepe had fallen 35% in the rally days of the month. Indeed, it fell to a loss of $0.0000057. However, that has not been how it ends in March, as the meme coin has already regained all of those losses. Now, the question is, where will Pepe go next?
Many experts have proven to be rather bullish on the token. Among them is crypto price prediction platform CoinCodex. In their recent Pepe projection, they expect the asset to reach a monthly high of $0.000029, up 237% from its current position. That isn’t all; they expect it to reach a 2025 high of $0.00004 in April, a 369% jump from where it currently stands.
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