Popular crypto figure and Tron founder Justin Sun has withdrawn a sizable amount of SHIB tokens from Binance, causing an uproar in the community.
A cryptocurrency wallet address labeled as belonging to Tron founder Justin Sun withdrew over 577 billion SHIB (approximately. $6 million) from Binance. The withdrawal, which took place in the past 24 hours, happened in two tranches.
First, the wallet withdrew 500 billion SHIB (approximately $5.1 million) on December 18. On December 19, the wallet made another withdrawal of 70 billion SHIB (approximately $900,000). The transfer of SHIB tokens to a Justin Sun-tagged wallet is notable as it is the first time the wallet has received SHIB tokens despite being active for more than two years.
At the time of writing, the wallet address still holds the withdrawn SHIB tokens as its third-largest holdings. The wallet’s total asset is valued at $448 million, with staked Ether (stETH) and Aave-locked representing its largest holdings at $421 million and $10 million, respectively.
Speculations Rife After Recent Justin Sun’s Withdrawal
The recent withdrawal of SHIB tokens by Justin Sun has caught the eye of the ever-active SHIB community. At the same time, it has led to speculations regarding what the popular crypto entrepreneur has in mind for his SHIB holdings.
Perhaps the simplest speculation is that Justin Sun anticipates a significant move in SHIB prices and has accumulated the tokens to position for such a move. The entrepreneur once followed a similar path for Aave (AAVE), and the SHIB tokens still being held in the wallet now appear to suggest such a move.
Another speculation is that the crypto founder wants to get more fully involved with the Shiba Inu ecosystem. Evidently, acquiring the project’s tokens is an ideal way to impress the community and pave the way for such partnerships.
Vet Kusama thinks this significant transfer could be for a massive Shiba Inu burn.
Dear @justinsuntron , today we noticed that you transferred approximately 500 billion #shib to your Justin Sun4 wallet. And this transfer took place for the first time (there has never been a shib transfer in your wallet before).
There are two possibilities:
1-) Shib burn
2-)… pic.twitter.com/O4JiLgcaUs— Vet KUSAMA ™ (@vetkusama) December 18, 2023
Overall, having a sizable amount of SHIB leave a popular exchange is largely considered a bullish indicator for a crypto asset. This simply means fewer tokens are available for trading, which corresponding impacts prices positively.
At the time of writing, SHIB is trading at $0.00001047, representing a 4% increase on the day. The jump means that SHIB has now surpassed the $6 billion market cap after falling below that value at the start of the week.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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