Tron founder Justin Sun recently transferred $21 million worth of various altcoins like AAVE, MKR, COMP, and LQTY to Binance, likely for selling.
Interestingly, all the transferred altcoins were trading in the red at the time, which mirrors Bitcoin's price weakness.
Despite the sale, Sun's crypto portfolio still holds over $1 billion in various assets.
The community remains divided over whether this is a portfolio adjustment or has deeper strategic reasons.
Justin Sun, the founder of Tron is well known for moving large amounts of crypto to and from exchanges and refusing to comment on his motives or reasons.
This week, Sun captured the attention of the crypto community, after an address linked to the Tron founder transferred tens of millions worth of several altcoins into Binance, likely to be sold.
Here are all the details.
According to data from SpotOnChain, which first highlighted the transactions, Sun moved four different altcoins, each of them from different niches of the crypto industry.
These cryptocurrencies included AAVE, MKR, COMP, and LQTY.
SpotOnChain noted that within 30 minutes, the Sun-affiliated address moved a total of:
93,979 AAVE tokens, valued at $11.26 million
3,800 units of MKR worth $9.3 million moved.
4,178 COMP tokens, worth $245k
And 203,623 LQTY tokens, all valued at around $217 thousand
All of the above cryptocurrencies are trading in the reds at the time of writing, especially in light of Bitcoin's ongoing price weakness.
For example, Aave is down by 2.2% at the time of writing, and by 12% in the last week. MKR on the other hand, is also down by 2% over the last day, and by 8% over the last week.
COMP and LQTY are both down by 1% over the last day. However, while COMP is down by 9% over the last week LQTY Is down by around 13% within the same timeframe.
According to data from Arkham Intelligence, however, despite the $21 million sale of these tokens, Justin Sun’s crypto portfolio still holds over $1 billion worth of assets like Bitcoin, and Ethereum, as well as a mix of altcoins like USDC, TRX, BTT, and SHIB.
Justin Sun on Arkham
This token sell-off is only a small part of the Tron founder's portfolio. However, it has also sparked debate in the crypto community, especially over its impact on the market.
While many see this as a mere portfolio adjustment on Sun’s part, others have speculated that there might be deeper strategic reasons.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.