Justin Sun, founder of the Tron blockchain, its former chief executive and now a crypto billionaire who owns the Poloniex and Huobi cryptocurrency exchanges, has acquired a jaw-dropping amount of Shiba Inu meme coins, according to a recent report.
This acquisition followed a much bigger one made by Sun in December, when he purchased and withdrew approximately half a trillion SHIB from the Binance exchange.
However, this time it was not only SHIB that Sun purchased. The list also included LINK, FLOKI and other popular cryptocurrencies.
Justin Sun keeps stocking up on SHIB
A blockchain sleuth called @spotonchain revealed the details of a recent series of transactions made by cryptocurrency wallet -0x9fcc associated with Justin Sun. According to this tweet, the wallet withdrew a total fiat equivalent of $3.54 million in cryptocurrencies.
They included 1.7 million MANA, 100,100 BAND, 27.164 billion FLOKI, almost 62,000 LINK, etc. The amount of SHIB withdrawn by Justin Sun was the biggest here – 79.443 billion meme coins (evaluated at nearly $800,000).
The post contained a reminder that, a month ago, on Dec. 19, Sun withdrew an astounding 500 billion Shiba Inu worth $5.22 million back then. After buying the half trillion Shiba Inu, Sun also acquired 77 billion SHIB and withdrew them from Binance.
SHIB team member comments on these purchases
Back in December, a member of the Shiba Inu team known on the X/Twitter platform as @vetkusama tweeted that he believed there were two likely reasons for those SHIB withdrawals made by Justin Sun.
The first one was, he assumed, that the Tron founder wanted to participate in diminishing the circulating supply of SHIB and burn those 577 billion coins. The second one was that, perhaps, Sun was planning to bridge Tron blockchain with the Shibarium layer-2 network. Sun did not care to comment on those speculations.
SHIB burn rate up 2,924%
Good news has come from the Shiba Inu destruction tracker Shibburn. According to the recent data it shared, over the span of the past 24 hours, the joint activity of the SHIB community has resulted in removing a total of 30,247,447 SHIB from the circulating supply.
There have been seven burn transactions overall so far, with the largest ones carrying 25,013,164 and 3,333,333 SHIB.