- Justin Sun reportedly sent millions of dollars in cryptocurrency to Binance.
- The large deposit included four cryptocurrency assets.
- It is not yet known whether Sun plans to sell tokens.
Tron founder Justin Sun reportedly sent millions of dollars worth of digital assets to Binance, leading market participants to speculate about a large-scale sale.
On June 10, on-chain analytics firm Spot On Chain reported that dormant whales had deposited 3,800 MKR ($9.3 million) and 20,000 AAVE ($4.45 million) on Binance for one year of profits. Reported.
Justin Sun connected to deposit
Shortly after the first warning, Spot On Chain shared another post identifying Justin Sun as the whale behind large MKR and AAVE deposits on Binance. The company said Sun sent an additional 4,178 COMP ($245,000) and 203,623 LQTY ($217,000) to Binance.
Sun cumulatively sent $21 million worth of cryptocurrency to the exchange.
Spot On Chain did not disclose trading details for COMP and LQTY, but the on-chain analytics firm revealed that Sun could stand to gain significantly if the cryptocurrency giant proceeds to sell MKR and AAVE.
“The profits if selling now would be $6.86M (+281%) for $MKR and $645K (+17%) for $AAVE,” Spot On Chain wrote on X.
The market did not seem to react much to the token movement. At the time of writing, AAVE is down 2.43% over the past 24 hours to trade at $91.22, while MKR is down 1.97% over the same period to trade at $2,409, according to CoinMarketCap data.
Meanwhile, Sun’s cryptocurrency portfolio extends beyond the four tokens he reportedly moved today. The cryptocurrency giant revealed in February that he holds 28,613 BTC in his HTX exchange account.
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