TRON inventor Justin Sun came up with a new altcoin transfer. As Sun’s transactions on the Blockchain began to occur more and more frequently, the sheer size of his most recent transaction was dazzling. Here are the details…
TRON inventor transfers $ 15 million to Poloniex
TRON inventor Justin Sun once again made a major transfer, carrying $15 million worth of Ethereum on the Poloniex cryptocurrency exchange. The total number of large transactions made by Sun-affiliated wallets exceeds 10 this month. According to LookOnChain, $15.5 million was moved directly from former Tron leader Sun to Poloniex, with more than $347 million in that wallet. Unfortunately, it is not possible to determine whether these funds were sold after the move to Poloniex.
Justin Sun transferred 10,000 $ETH($15.5M) to #Poloniex 2 hrs ago.
And Justin Sun still holds 223,780 $ETH($347M) in address "0x176f".https://t.co/VTN13dGJ1q pic.twitter.com/Rj2sMpksXo
— Lookonchain (@lookonchain) January 25, 2023
However, Sun’s activity seems to have an explanation. The situation is similar to the strategy most investors use when risking their portfolios by gradually selling their portfolios as they move upwards and redistributing market pressure while taking profits. Given the overall liquidity and volume in Ethereum, Justin Sun’s $15 million to $50 million transactions will not have a notable impact on the price of the second-largest cryptocurrency.
Is Sun selling?
Unfortunately, Ethereum isn’t the only asset actively moved by Sun: smaller altcoins like DYDX are also on the radar of blockchain detectives monitoring Sun’s activities in the market. Historically, every time its own wallet or an associated wallet makes a transaction, the price of the token comes back almost instantly. However, Sun’s main wallet does not hold many ERC20 tokens. Because the total value of these assets is only $15,000. In fact, most of these currencies are not even liquid enough to be sold. However, there’s no way to know for sure exactly how many wallets Sun has, as it spreads most of its money across multiple wallets for both security and privacy measures.
