Justin Sun Increases Shiba Inu Portfolio
According to data from on-chain tracker Spotonchain, Justin Sun withdrew approximately 79.33 billion SHIB valued at $751,000 as of the time of transfer. Spotonchain shows revealed that the founder made the whale transfer from Binance – the world’s leading cryptocurrency exchange.
The report also revealed substantial withdrawals of other digital assets made by Sun. These include digital assets like Chainlink (LINK), Decentralized (MANA), Floki (FLOKI), and Band Protocol (BAND).
However, the data shows that Shiba Inu is Sun’s second-largest Ethereum-based holding. The total withdrawals carried out by the crypto founder was valued at a whopping $3.5 million.
The on-chain tracker highlighted that Justin Sun has been acquiring Shiba Inu for a while now. It also noted an earlier whale accumulation by Sun in mid-December 2023.
Several members of the SHIB community suggest that the development indicates that Sun might be a big supporter of the project’s ecosystem. Given that many see him as an example of prudent money, his actions may have heightened whale interest in Shiba Inu.
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She highlighted that on Tuesday, January 16, data from Arkham revealed that the crypto platform’s wallet held 36.454 trillion SHIB. With the recent move, the balance now stands at 36.684 trillion SHIB.