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Shiba Inu team member known on social media platforms as @vetkusama suggested two likely reasons to explain why Tron founder and owner of the Poloniex and Huobi exchanges Justin Sun has recently been spotted withdrawing massive amounts of Shiba Inu meme coins from Binance.
The first SHIB chunk he withdrew amounted to a staggering 500,000,000,000 SHIB, and the second one was smaller and totaled 77,000,000,000 SHIB.
Very first time Justin Sun bought SHIB, likely reasons
@vetkusama tagged Justin Sun in his tweet, letting him know that his astounding SHIB transfer had been noticed by the SHIB team. He stressed that, according to the transparent on-chain data, there had never been any Shiba Inu in Sun’s wallet, therefore, this was the very first time he had purchased the second-largest meme cryptocurrency by market cap.
According to the SHIB team member, there are two possibilities as to why the crypto billionaire has stocked up on SHIB. The first one is that he intends to conduct a personal Shiba Inu burn, sending those 577 billion meme coins to dead-end blockchain wallets.
The second possibility, per @vetkusama, is that Sun intends to build a bridge from Tron to Shibarium, and in this case, he would need a large number of SHIB. Vetkusama urged Sun to let the Shiba Inu team know if it is the latter, so that SHIB developers spearheaded by the mysterious Shytoshi Kusama could help him.
Major SHIB burn statement comes from Shibarium admin
Shibarium admin on Discord DaVinci has issued a warning, explaining how SHIB burns are supposed to work in reality. He insisted that all Shiba Inu coins to be burned must be purchased with U.S. dollars coming from the pockets of users. Even the SHIB team purchases Shiba Inu when they want to burn coins, he stated.
In the case of Shibarium, the team simply converts collected gas fees from BONE into SHIB and then makes huge burns. Recently they have conducted two large SHIB burns, carrying more than eight billion SHIB each to dead wallets.
If users want to help the SHIB team burn meme coins, they must use Shibarium as much as possible, and developers will start building on it.
Vladislav Sopov
Gamza Khanzadaev
Tomiwabold Olajide
