Last updated on May 18th, 2024 at 12:13 pm
Justin Sun, the founder of Tron Network, has substantially withdrawn almost 600 billion SHIB tokens in the space of a few days.
In a recent turn of events, the cryptocurrency entrepreneur and business executive shocked the entire crypto space with a massive amount of crypto withdrawals, leaving members speculating about the reason for the actions.
On December 18, Sun reportedly transferred approximately 500 billion SHIB tokens (worth $5.13 million) from Binance to a wallet labeled “Justin Sun 4” as reported by Vet Kusama – a Shib team member.
Shortly after, Sun withdrew another 77 billion SHIB tokens from Binance according to PeckShieldAlert – a crypto tracking platform. The 77 billion SHIB token withdrawn was valued at approximately $810,000 per the report.
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#PeckShieldAlert #JustinSun-labeled address has withdrawn ~77B $SHIB (worth ~$810K) from #Binance pic.twitter.com/FRMxQnYrbe
— PeckShieldAlert (@PeckShieldAlert) December 19, 2023
Interestingly, Sun has recently made other substantial withdrawals of several tokens from Binance. Some of these cryptocurrencies include 127,510 Chainlink (LINK) tokens (worth $1.85 million), 202.3k Storj (STORJ) tokens (worth $200,000), 53.68 billion Pepe (PEPE) coins (valued at $76.7k) and 13,904 dYdX (DYDX) tokens (worth$43,000).
Sun announces shifting interest to meme coins
Earlier this year, in May, Justin Sun took to his X account (formerly Twitter) to disclose his new interest in trading meme coins and other promising cryptocurrencies.
According to him, he would trade these tokens via a public address and would be liable for all potential losses resulting from those trades while promising to donate all profits to charity. Perhaps, his recent significant meme coin transactions are in line with his plan.
Even though it may seem like a kind gesture, it has left the crypto community speculating about its true intentions and the potential impact it will have on the crypto market.
Some crypto observers and traders believe that his involvement in exclusively trading these assets could lead to a significant impact on the prices and market shift.
Investors and market analysts will probably be closely observing SHIB’s price changes as well as Sun’s significant withdrawals, trying to figure out the reasons behind these calculated actions.
Shiba Inu (SHIB) price today
According to data from Coinstats, the price of SHIB today is $0.00001012. This represents a 0.59% drop in the last 24 hours. What is more, Shiba Inu has a 24-hour trading volume of $221,685,623 ($221 million) and a live market cap of $5,942,337,770 ($5.9 billion), sitting at #16 on the global crypto market chart.
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.