Justin Sun, CEO of BitTorrent and founder of Tron (TRX), came up with a huge amount of altcoins heaped on the Binance exchange. The crypto entrepreneur made headlines with a massive transaction authorized by his account. Now investors are debating whether the Tron founder will sell these altcoins…
Justin Sun deposits $55 million in Binance
Chinese Blockchain journalist Colin Wu, the major cryptocurrency that took place on Binance explained the features of an Ethereum (ETH) transaction. According to Wu’s findings, Tron founder Justin Sun moved a total of 19,000 Ethereum (ETH) worth approximately $55 million to the Binance exchange. The transactions were completed on March 2, 2022 at 21:00.
Justin Sun’s crypto account was quite active in December of last year . In less than a month, he has invested more than $600 million in Ethereum (ETH) on the Binance exchange. On the other hand, it appears to be moving cryptocurrencies between internal wallets of its ecosystem with no intention of selling it.
Is this a negative sign or a bullish sign?
However, some crypto Twitter users believe this is a red flag for Ethereum (ETH) bulls. Su Zhu of Three Arrow Capital also required close monitoring of activities, as stated in a tweet by a user:
Attention, these two are tweeting bullish messages while they are always throwing coins in the background.
The behavior of recognized giant whales, as we have observed, is generally for individual crypto investors. perceived as an important signal. The Ethereum Foundation, for example, sold $90 million at 2:56 p.m. on November 11. This transaction took place at the apex of the price increase and the greatest possible yield was obtained from the sale.
Justin Sun handed over his power over Tron to assume a political role
As we quoted as Kriptokoin.com, in December 2021, Justin Sun handed over some of his power over the TRON Blockchain to take on a more political role. After witnessing El Salvador’s success in making Bitcoin legal tender, Sun decided to launch initiatives to focus on legitimizing crypto in Latin American countries.
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