Tron founder Justin Sun has recently deposited $100 million worth of USDT in the cryptocurrency exchange Binance. Here are several speculations as to what he would use the funds to do:
Will Justin Sun Accumulate ETH?
A recent move by a Justin Sun-labelled wallet suggests that the Tron founder may likely invest the $100 million stash in ETH. According to on-chain findings from the blockchain analytics firm Arkham, a digital wallet affiliated with Sun accumulated 168,369 ETH (worth approximately $580.5 million) between February 12th and 24th. ETH traded around $2,800 at the time, implying that the wallet has an unrealized profit of around $95 million.
The past trades hint that the Tron boss may likely pour the latest funds into the second-leading cryptocurrency.
Besides, ETH’s price performance over the past few weeks has been remarkable. In the past month alone, the asset jumped from as low as $2,200 on February 1st to a height of $3,400, representing over 50% uptrend. The price change has been fueled by an overall crypto market bull run and anticipation of a spot Ethereum exchange-traded fund (ETF) in the United States. ETH traded at $3,470 at press time.
Source: CoinStats
Justin Sun’s History With Whale Trades
Sun’s latest actions are not entirely surprising as he is notable for conducting whale trades. Through several wallet addresses, the Tron boss buys and sells cryptocurrencies. Between December 26th and January 5th, he withdrew 17,433 ETH from an affiliated Binance account.
On December 19th, a Justin Sun-labelled wallet cashed out about 500 billion SHIB tokens. He also offloaded large tranches of several other memecoins like LINK, STORJ, PEPE, and DYDX.
Following the SUI token launch in the Binance launchpool in April 2023, Sun transferred $115.8 million to Binance. To prevent the Tron founder from becoming an SUI whale in its nascency, the Binance co-founder Changpeng Zhao (CZ) gave a public notice to Sun, stating that the Binance team would “take action against it” if he proceeded with the SUI purchase.
