Home » Shiba Inu (SHIB) » Justin Sun Accumulates SHIB in Billions, Sparking Rally Hopes

Justin Sun Accumulates SHIB in Billions, Sparking Rally Hopes

TRON manoeuvres into SHIB: Justin Sun shifts 577B SHIB, sparking optimism among community members.

by Tadas Klimasevskis. Fact checked by: Ciaran Lawler, Editor: Stefan Trapp

Published: December 19, 2023 │ 8:00 PM GMT

Justin Sun sitting on a pink cloud in outter space as two Shiba inus wathching from Earth. — Created by Gabor Kovacs from DailyCoin

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.

#PeckShieldAlert #JustinSun-labeled address withdrew ~500B $SHIB (worth ~$5.2M) from #Binance pic.twitter.com/owHrHH8Px3
— PeckShieldAlert (@PeckShieldAlert) December 19, 2023

Sun’s 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 didn’t receive a reply yet, while the funds were unmoved from Sun’s wallet at the time of publication.

Dear @justinsuntron , today we noticed that you transferred approximately 500 billion #shib to your Justin Sun4 wallet. And this transfer took place for the first time (there has never been a shib transfer in your wallet before).
There are two possibilities:
1-) Shib burn
2-)… pic.twitter.com/O4JiLgcaUs
— Vet KUSAMA ™ (@vetkusama) December 18, 2023

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 ‘Justin Sun 4’ 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 coin’s scarcity.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author

Tadas Klimasevskis

Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.