A wallet address linked to Justin Sun has continued to withdraw a significant amount of memecoins from cryptocurrency exchange Binance in recent days.
Sun Withdraws 500B SHIB From Binance
According to blockchain security firm PeckShield, the Tron founder withdrew a whopping 500 billion Shiba Inu (SHIB) tokens (worth approximately $5.2 million) from Binance on Monday.
#PeckShieldAlert #JustinSun-labeled address withdrew ~500B $SHIB (worth ~$5.2M) from #Binance pic.twitter.com/owHrHH8Px3
— PeckShieldAlert (@PeckShieldAlert) December 19, 2023
At press time, SHIB was trading at $0.00001047, representing a 4.14% price increase on the day and an 8.60% surge in the past seven days.
Meanwhile, the 500 billion SHIB withdrawal is just the latest in a series of transactions Sun has made on Binance recently. Over the past few days, he has withdrawn multiple tokens from the exchange, including 127,510 LINK ($1.85 million), 202,385 STORJ ($200,000), 53.68 billion PEPE ($76.7K), and 13,904 DYDX tokens ($43K).
While withdrawals from such exchanges are considered purchases, the recent movement of several memecoins from Sun-linked wallet addresses has sparked speculation and debate from the crypto community. For now, industry participants continue to monitor Sun’s activities as such large transactions can significantly impact the performance of these tokens.
Bullish on Memecoins
Meanwhile, Sun’s recent involvement with memecoins did not come as a surprise to many. Earlier this year, the crypto entrepreneur vocalized his support for such cryptocurrencies.
In an X (formerly Twitter), he stated that he would be actively buying and selling memecoins, bear any potential losses in such trades, and donate all profits to charity.
However, he pointed out that his investments in such tokens are not financial advice and that he does not guarantee they will be listed on any exchange, including Huobi Global and Poloniex.
“I am simply trading coins for fun. Always do your own research before investing!” he concluded.
