Tron founder Justin Sun has moved a total of 20 billion Shiba Inu (SHIB) to Poloniex, an exchange affiliated with his crypto empire.
Spotted by crypto security and intelligence platform PeckShield, the funds are worth $544,400. The transfer comes at a time when the broader crypto ecosystem is experiencing a massive bullish rally, with Shiba Inu being a major beneficiary.
Justin Sun and Shiba Inu Transfers
According to the PeckShield update, the 20 billion SHIB transfer came from the “Justin Sun 4” wallet. The transaction occurred today at 08:54 (UTC).
#PeckShieldAlert #JustinSun 4 -labeled address has transferrred 20T $SHIB (worth $544.4K) to #Poloniex pic.twitter.com/TS84iCQEaU
— PeckShieldAlert (@PeckShieldAlert) March 4, 2024
Notably, Justin Sun has executed similar whale movements involving Shiba Inu in the past. On January 18, the billionaire investor withdrew 79.33 billion SHIB from Binance, a sum valued at $751,000 at the time.
The Shiba Inu transfer is a pattern with Justin Sun as he ranks as one of the top 5 whales known for regular Shiba Inu movements.
In December, wallets linked to Justin Sun withdrew a total of 577 billion Shiba Inu worth about $6 million from Binance. Among the obvious explanations offered by industry insiders for this transaction is the likely burn contribution from Sun.
Most of the previous SHIB transactions with Shiba Inu have typically featured withdrawals and sending 20 billion worth of the token to Poloniex is stirring new selloff concerns. Conversely, the purpose might be to bolster the token’s liquidity on the Poloniex exchange.
Is It a Good Time to Sell SHIB?
Shiba Inu is currently changing hands for $0.00002564, up 17.64% in the past 24 hours with its market capitalization soaring to $15,055,390,291.
As of December 18, 2023, when Justin Sun moved the 577 billion Shiba Inu recorded on-chain, SHIB was trading for $0.00001031 and per the current price level, the token has soared by a massive 59.789%.
For some investors seeing gains at the moment, this might be a good level to take profit. However, with SHIB riding the Bitcoin growth trend, it might hit its ATH price in the near term.
Should this possibility play out, selling off now might be a premature move, a phenomenon that experienced traders like Justin Sun are not oblivious of.
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.
