The last thing the cryptocurrency market needed was the potential implosion of the biggest exchange on the market. However, the FUD around Binance might not be as bad as some portray it, and the previously prevailing wave of outflows might be an important factor in its stability.Dogecoin's battle with the market has not ended yet; the meme coin has been successfully moving upward for the last two months but returned to the trendline support level by the end of the year.
The aforementioned trendline should not be considered a potentially strong reversal point, as it does not have any volume-side support behind it or a large concentration of buy orders. Luckily, the sharp bounce that occurred immediately after the meme coin reached the support level. is not yet breaking it but at the same time losing more than 0.5% of its value in the last 24 hours.
Shortly after, the $2 billion bankrun started: traders had been rapidly closing their positions and moving stablecoins away from the trading platform despite the lack of factors that should have urged them to do so.However, the $2 billion withdrawal wave revealed the resilience of the exchange in contrast to FTX that tumbled down after only a $1 billion outflow wave. However, there are some things to worry about.
In his recent tweet, Changpeng Zhao announced the exchange's inability to cover increased USDC withdrawals following a spike in demand for USDC. However, the most likely reason behind it should not be tied to the lack of reserves on the exchange. Rebalancing and funds redistribution would be more likely reasons behind the pausedAs for now, the outflow pace from the exchange does not look elevated and returned to average.
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