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Tron CEO Deposits 100M Tether (USDT) in Binance As Stablecoins Deposits to Exchanges Surge Amid Price Dip 

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Many traders are taking advantage of the price dip to increase their cryptocurrency holdings. 

The cryptocurrency market has suffered tremendous losses since last week after the Federal Reserve announced it would be raising interest rates to curtail rising inflation.

Many traders are converting their cryptocurrency holdings to stablecoins in order to avoid incurring more losses. However, other traders see the recent price dip as an opportunity to get digital currencies for a huge discount.

Based on this, stablecoin deposits across cryptocurrency exchanges globally have continued to skyrocket recently. Several investors, including Justin Sun, the founder and CEO of popular blockchain project Tron, have made significant amounts of stablecoin deposits to cryptocurrency exchanges.

According to crypto media outlet Wu Blockchain, the Tron CEO made a whopping $100 million Tether (USDT) deposit from Aave protocol to world’s largest cryptocurrency exchange by trade volume Binance.

“Just In: The address marked Justin Sun (0x3ddfa8ec3052539b6c9549f12cea2c295cff5296) transferred $100 million USDT from Aave to Binance. @PeckShieldAlert reported it first,” Wu Blockchain reports.

While it is not clear what cryptocurrency Sun will be investing in this time, it is worth noting that the Tron Decentralized Autonomous Organization (DAO) recently followed the steps of El Salvador president Nayib Bukele to buy 500 units of BTC.

With the recently transferred $100 million USDT by the Tron founder, it will not be surprising if Sun decides to bolster the Tron DAO Bitcoin holdings.

Surging Stablecoin Deposits

Aside from Sun’s USDT deposit, the number of stablecoin deposits to cryptocurrency exchanges has also surged tremendously.

Glassnode, a cryptocurrency data tracking service, announced yesterday that USDT deposits from external wallets to exchanges reached a one-month high of 416.719.

Similarly, transaction volume for USD Coin (USDC) also reached an 11-month high of $539.7 million. Glassnode noted that the last time the USDC transaction volume recorded an 11-month high was on January 28, 2022 when $538.49 million worth of USDC was transacted.

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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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