Earlier this Monday, Justin Sun, the prominent tech entrepreneur, withdrew 500 billion SHIB tokens, equivalent to $5 million, from Binance, the world's largest crypto exchange. SHIB is up 0.8% over the past 24 hours.
A pattern of large-scale withdrawals
This withdrawal is part of a recent pattern of significant transactions by Sun.
In the past few days, he has withdrawn various other tokens from Binance, including 127,510 LINK ($1.85 million), 202,385 STORJ ($200,000), 53.68 billion PEPE ($76.7K), and 13,904 DYDX ($43K).
These moves by Sun are being closely watched by the crypto community since they could potentially affect the price performance of the aforementioned cryptocurrencies.
Sun's appetite for meme coins
Earlier this year, Sun announced on X his decision to start actively trading meme coins and other promising projects.
He stated that he would bear any potential losses personally and donate all profits to charity.
The controversial entrepreneur also stressed that his investments were not financial advice and did not guarantee the listing of these projects on any exchanges, including Huobi Global and Poloniex.