In a surprising turn of events, Justin Sun, the founder of Tron, has made yet another substantial withdrawal of Shiba Inu (SHIB) tokens, further deepening the mystery surrounding his motives. Following a massive 500 billion SHIB withdrawal earlier this week, Sun has now moved approximately 77 billion SHIB tokens from Binance, valued at around $810,000, according to a tweet from blockchain security firm PeckShieldAlert.
As previously reported by U.Today, the recent withdrawal adds to a series of significant transactions orchestrated by Sun in recent days. Among the list of tokens withdrawn from Binance are 127,510 Chainlink (LINK) tokens worth $1.85 million, 202,385 Storj (STORJ) tokens valued at $200,000, 53.68 billion Pepe (PEPE) tokens amounting to $76.7K and 13,904 dYdX (DYDX) tokens with a value of $43,000.
Justin Sun's strategic shift
Sun's unanticipated move into meme coins and promising projects was first disclosed on May 11, when he took to X (formerly Twitter) to announce his decision. In his tweet, Sun announced that he had decided to commence actively trading meme coins and some promising projects through his public address.
This move has left the cryptocurrency community speculating about Justin Sun's intentions and the potential impact on the market. Some observers believe that Sun's active involvement in trading these tokens could influence their prices and market dynamics, while others raise concerns about the lack of transparency and potential risks associated with such high-stakes transactions.
The Shiba Inu token, which is the primary focus of Justin Sun's recent withdrawals, is currently valued at $0.00001045, reflecting a 4.80% increase in the last 24 hours. The fluctuations in SHIB's price, combined with Sun's substantial withdrawals, are likely to attract close attention from investors and market analysts alike, as they seek to decipher the motives behind these strategic moves.