Justin Sun, the founder of TRON (TRX), came up with the latest cryptocurrency transaction. According to on-chain data, TRON inventor Justin Sun sent an altcoin to Binance, the world’s largest cryptocurrency exchange by daily trading volume. Here are the details…
TRON inventor transfers LQTY coins to Binance
cryptocoin.com As we reported yesterday, Binance listed its Liquidity (LQTY) coin in the innovation category. In fact, this situation caused the price of the cryptocurrency to appreciate by more than 30 percent. After Binance’s listing, Justin Sun transferred all 2.5 million LQTYs from his wallet to Binance. Comments under the data shared by Lookonchain on Twitter are that Sun will likely sell LQTY coins.
With #Binance listing $LQTY in the Innovation Zone, Justin Sun transferred all 2.5M $LQTY to #Binance 30 minutes ago.https://t.co/BhZYuuwzW4 pic.twitter.com/Bo1DmiS9Nx
— Lookonchain (@lookonchain) February 28, 2023
On the other hand, the whales also seem to be taking action for LQTY. An anonymous whale has bought and staked 590,067 LQTY in the last 10 days. Another whale made $20,000 profit from LQTY as a result of Binance listing.
Sun also came to the fore with ETH moves
On the other hand, Justin Sun has recently come to the fore by staking a large amount of altcoins. Decentralized finance (DeFi) staking platform Lido Finance recently registered the largest daily staking entry. This milestone was reached thanks to Justin Sun, the founder of Tron, who staked 150,000 ETH on the liquid staking platform. The staking milestone was first reported on Twitter by Blockchain analytics firm Lookonchain. According to the tweet, Justin Sun had staked 150,100 ETH on Lido in four separate transactions.
Justin Sun staked 150,100 $ETH($240M) on @LidoFinance just now.https://t.co/VbqAnBqojA pic.twitter.com/QieWaJkmHY
— Lookonchain (@lookonchain) February 25, 2023
At that time, the value of ETH staked was $240 million. Data from DeBank shows that Sun, who also serves on the advisory board of crypto exchange Huobi Global, has since staked an additional 50,000 ETH on the platform, increasing its holdings to 200,100 stETH with a valuation of more than $320 million. The wallet associated with Justin Sun currently holds $37.9 million worth of ETH and 4.8 million ZRX. Sun also has 40.1 million USDT and 11.6 million USDC on DeFi lending platform Aave V2.
Lido Finance told its followers on Twitter about the staking milestone the platform has reached. According to the tweet, the amount of ETH staked by Sun triggered a protocol security feature called Staking Rate Limit, a dynamic mechanism that responds to large amounts of staking entries, addressing potential side effects such as rewards dilution. The most recent milestone caused the Lido DAO’s native token LDO to increase by more than 11 percent. Recent developments also lead to a 30 percent increase in the daily trading volume of the token for a short period of time.
