Justin Sun, the founder of Tron (TRX), has made waves within the Shiba Inu (SHIB) community by significantly increasing his holdings of the meme coin. This recent activity has fueled speculation about his bullish outlook on the SHIB ecosystem and its potential for future success.
Justin Sun’s SHIB Accumulation
Sun withdrew a staggering 500 billion SHIB tokens from the Binance exchange in December 2023. This transaction, valued at roughly $5 million at the time, sent shockwaves through the Shiba Inu community and signaled Sun’s initial interest in the project. After that, he made other withdrawals, bringing his SHIB holdings to 577 billion SHIB.
Read Also: Shibarium-Powered SHIB Burn Encounters Delay. Here’s Detail From Shiba Inu Team
But Sun’s involvement with SHIB didn’t stop there. Just recently, blockchain tracker Spot On Chain (@spotonchain) shared another substantial SHIB withdrawal from the Tron founder’s address. This time, he withdrew 79.334 billion SHIB, valued at $751,295. The transactions have put Sun’s total SHIB holdings at a noteworthy 656 billion, valued at $6.25 million.
Wallet 0x9fcc linked to @justinsuntron withdrew $3.54M worth of 5 assets, including $LINK, $FLOKI, $MANA, $SHIB, and $BAND, from #Binance ~14hrs ago.
Note that Justin Sun also recently withdrew 500B $SHIB (then $5.22M) from #Binance on Dec 19, 2023 via another address.
For more… https://t.co/4VwkFiyZ9V pic.twitter.com/GWU1hStBzm
— Spot On Chain (@spotonchain) January 18, 2024
It’s worth noting that SHIB now ranks as the second-largest holding within Sun’s Ethereum-based portfolio, highlighting his growing confidence in the meme coin’s potential.
Increasing Whale Interest
Sun’s significant Shiba Inu (SHIB) accumulation has not gone unnoticed. Many within the community view the crypto entrepreneur as a savvy investor, and his actions have undoubtedly influenced other whales to take notice.
There has been a surge in whale activity surrounding SHIB since then. This intensified after the meme coin dipped below $0.00001 in early January, following fake news of the SEC denying all spot Bitcoin ETF applications.
These whale movements must have been to accumulate tokens while awaiting a price resurgence. The transactions also helped stabilize SHIB around that level, which is a crucial support.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: “No. Burn SHIB. Period”, Says Shiba Inu Lead Dev As $1.2M Shibarium Gas Fee Is Unveiled
Justin Sun’s Actions a Vote of Confidence in SHIB?
While the exact reasons behind Sun’s SHIB accumulation remain unclear, his actions have undoubtedly bolstered the confidence of many Shiba Inu holders. His decision to acquire a significant amount of SHIB and hold it despite recent market fluctuations suggests a genuine belief in the project’s long-term potential.
It’s important to remember that the amount of SHIB Sun holds represents a relatively small portion of his overall portfolio. However, the symbolic significance of his involvement cannot be understated.
Sun’s actions have caused increased whale interest and investor confidence in the SHIB ecosystem, potentially paving the way for future growth and success. The SHIB team is currently making big moves to “invade the internet,” and Sun’s confidence in the meme coin might pay off soon.
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