Justin Sun has withdrawn 77 Billion Shiba Inu, after an earlier withdrawal of 500 Billion. This move seems like a strategic shift towards the meme coins since meme season is at its peak in a few weeks when many meme coins massively surged along with their listings on various big exchanges. Let’s get into knowing Justin Sun’s strategy in an even better way.
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Justin Sun withdraws 77 billion SHIB after earlier withdrawal of 500 billion SHIB
Justin Sun has once again stimulated interest by making a significant withdrawal of Shiba Inu (SHIB) tokens.
In a surprising development, the Tron founder withdrew approximately 77 billion SHIB tokens from Binance, valued at approximately $810,000, following his massive 500 billion SHIB withdrawal earlier in the week, as reported by blockchain security firm PeckShieldAlert on Twitter.
Series of Noteworthy Transactions by Justin Sun
This latest move adds to a series of noteworthy transactions orchestrated by Sun in recent days. Among the tokens withdrawn from Binance are 127,510 Chainlink (LINK) tokens worth $1.85 million, 202,385 Storj (STORJ) tokens valued at $200,000, 53.68 billion Pepe (PEPE) tokens amounting to $76.7K, and 13,904 dYdX (DYDX) tokens with a value of $43,000.
Justin Sun’s Strategic Move
Sun’s strategic shift into meme coins and promising projects was first revealed on May 11 when he announced on X (formerly Twitter) that he would actively trade meme coins and select projects through his public address.
This unexpected move has led the cryptocurrency community to speculate about Sun’s intentions and the potential market impact. Some observers suggest that Sun’s active trading involvement could influence token prices and market dynamics.
Others express concerns about transparency and the potential risks associated with such high-stakes transactions.
SHIB Price
The Shiba Inu token, the focal point of Sun’s recent withdrawals, is currently valued at $0.00001045, showing a 4.80% increase in the last 24 hours.
The fluctuations in SHIB’s price, coupled with Sun’s substantial withdrawals, are likely to attract inquiry from investors and market analysts as they try to decode the motives behind these strategic moves.
Conclusion
To conclude, Justin Sun’s withdrawal of 77 Billion Shiba Inu after the earlier withdrawal of 500 billion SHIB seems like a strategic move toward meme coins due to the recent bullish performance of the meme coins in the ongoing meme season. But this will also affect the price of the coins and their performance as well. The market is still trying to precisely understand his motive regarding his recent moves.
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