Justin Sun, a founder of Tron blockchain, has once again demonstrated his significant influence within the Shiba Inu (SHIB) ecosystem.
Sun recently executed a transfer of 20 brillion SHIB, currently valued at $675,400, to Poloniex – a cryptocurrency exchange closely associated with his expanding crypto initiatives. PeckShield, a security and intelligence platform, made the transfer known in a post on X.
#PeckShieldAlert #JustinSun 4 -labeled address has transferrred 20T $SHIB (worth $544.4K) to #Poloniex pic.twitter.com/TS84iCQEaU
— PeckShieldAlert (@PeckShieldAlert) March 4, 2024
Read Also: Tron Founder Justin Sun Withdraws 500 Billion SHIB From Binance
Justin Sun’s History with Shiba Inu (SHIB)
This transaction highlights Justin Sun’s continued interest in Shiba Inu. He has been actively involved in large SHIB movements in the past. Times Tabloid earlier reported a large withdrawal of 79.33 billion SHIB from Binance in January, which at the time was worth $751,000.
Also, wallets associated with Justin Sun initiated a withdrawal of 577 billion SHIB (approximately $6 million at the time) from Binance in December. These transactions have positioned Justin Sun as a key Shiba Inu whale.
One potential reason for Sun’s transfer could be to increase SHIB’s availability for trading on Poloniex, potentially attracting more users to the exchange, other insiders suggest that Sun may be preparing for a contribution to SHIB burn efforts designed to decrease the token’s circulating supply.
Shiba Inu (SHIB) Price Action and Market Considerations
Shiba Inu has experienced a substantial price surge in recent days, currently trading at $0.00003377. This represents a 47.87% increase in the past 24 hours, bringing its market capitalization to over $19 billion. The token’s value has more than doubled since Sun’s December transfer of 577 billion SHIB.
Investors currently holding the digital asset are faced with a critical decision: to realize profits at the current price level or hold in anticipation of further price appreciation. While the recent surge offers an attractive opportunity for taking profits, there are compelling reasons to consider maintaining a position in SHIB.
The broader cryptocurrency market is exhibiting bullish signals, with Bitcoin leading the charge with an upward trajectory. This positive sentiment often spills over into the altcoin market, potentially propelling SHIB to retest its all-time high soon.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: A Whale Sold 5 Trillion SHIB; Is This Why SHIB Dipped Over 31%, Could This Be Justin Sun? Details
Historical trends often show a correlation between Bitcoin’s price action and the performance of altcoins, including SHIB. Selling the meme coin prematurely in this scenario could result in missing out on potential gains if the token manages to reach or even surpass its highest peak.
Seasoned traders like Justin Sun, who have a deep understanding of market dynamics, are likely weighing these factors carefully when considering their own SHIB holdings.
Their actions, such as holding significant amounts of the token, can offer clues but shouldn’t be treated as definitive investment advice. Ultimately, the decision to sell or hold SHIB rests on individual risk tolerance, investment goals, and thorough market research.
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