- Tech mogul Justin Sun withdraws 577 billion SHIB from Binance.
- Japanese guard-dog-themed Shiba Inu gained 5.65% following the move.
- SHIB Army members discuss the impact of the unusual transfer.
Cryptocurrency mogul and TRON blockchain founder Justin Sun took the crypto community by surprise in the first-ever Shiba Inu (SHIB) transfer on December 18, 2023, 03:40:35 PM +UTC. The move involved sending 499,998,244,942 SHIB tokens from Binance to a crypto wallet owned by Sun.
Sixteen hours later, the TRON founder cashed out another 70 billion SHIB tokens, totaling $6 million in two transactions on Ethereum PoS. Intriguingly, the Ethereum cryptocurrency wallet tied to Mr. Sun has been active for nearly three years but has never received Shiba Inu tokens.
Sunโs 577B SHIB Move Implies Three Scenarios
The wallet holds the 577 billion SHIB tokens as the fourth largest digital asset, valued at $5.99 million, with a 5.65% increase in the last 24 hours.
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Other active Shiba Inu community members argue that these nearly $6 million worth of SHIB tokens could be used to accelerate the Shiba Inu burning procedure. Recently witnessing a breakthrough in transactions, the SHIB burning process is the talk of the crypto town since Shibarium developers blazed a whopping 16 billion SHIB tokens in two weekly transactions.
As an alternative to burning and accumulating, SHIB Army member Vet Kusama also asserted that Justin Sun might use SHIB to bridge onto Shibarium Layer 2. Approaching the crypto entrepreneur on Twitter, Vet Kusama didnโt receive a reply yet, while the funds were unmoved from Sunโs wallet at the time of publication.
On The Flipside
- Crypto entrepreneur Justin Sun announced the initiative to trade memecoins via his public crypto wallet in May 2023.
- To illustrate, the same cryptocurrency wallet tagged โJustin Sun 4โ stores $69,520 worth of Pepe Token (PEPE) on Ethereum.
Why This Matters
Massive amounts of crypto leaving a cryptocurrency exchange reduces the circulating supply, increasing the coinโs scarcity.
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