Following the recent SEC lawsuit against Binance, a significant unrest has been noticed among crypto investors. According to the latest stats, over $790 million was withdrawn from the world’s largest crypto exchange and its U.S. affiliate in the 24 hours after the lawsuit was filed by the SEC on Monday for violation of multiple U.S. securities laws.
According to data from Nansen, $778.6 million and $13 million were withdrawn from Binance and Binance.US, respectively. Since the lawsuit was announced, $BNB, the crypto token issued by Binance, went down by almost 12%. Also, another 1% of its market cap was lost by its BUSD stablecoin. Digital assets worth approximately $55 billion are held by Binance’s crypto wallets, and this withdrawal spree is a reflection of the uncertainty and doubt of a segment of the investors. Interestingly, Binance faced a similar situation in February this year, when outflows amounting to $830 million took place over a 24-hour period after a crackdown on BUSD by New York state regulators.
Immediately after this news came out, there was a plunge in the prices of all major cryptocurrencies. Early Tuesday morning, Bitcoin traded at $25,710, which is a 4% fall compared to the previous day. A 3% drop has been observed in the price of Ethereum ($ETH). However, many experts believe that $ETH will be less affected compared to other cryptocurrencies. This is primarily because Ethereum has not been named in the SEC’s charges as an unregistered security.
Under current market conditions, finding the next lucrative crypto investment may not be easy for investors. However, a relatively new class of crypto tokens, such as MillionareGame Coin ($MG) may benefit from the market turmoil by attracting outflow from the tokens named as securities by the SEC. MillionaireGame Coin ($MG) is a new meme coin that is attracting a lot of interest from investors. The project will create a new crypto millionaire from its token holders every month with a smart contract based mechanism. Sound security measures, rapid growth potential, and unique features are the cornerstones of MillionaireGame. To ensure credibility and trustworthiness, the coin has undergone a thorough security audit. The supply of the token has been capped at one billion to avoid dilution, and the team behind this project is confident about building a sustainable prize pool that can last for 50 years or more.
In this tough time for the industry, investors badly need some new hope and prospects. Only time will tell if MillionaireGame Coin ($MG) will become the industry’s next big name, but it certainly has the potential to be an interesting investment option for the future.
All details related to MillionaireGame ($MG) presale are available at https://www.millionairegame.org/claim-discount
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