Since December, Justin Sun has deposited about $600 million in Ethereum on Binance. According to on-chain statistics given by WuBlockchain, Tron creator Justin Sun has placed more than 165,000 Ethereum tokens on the Binance market since the beginning of December.
While it may seem that the creator of Tron was selling enormous amounts of Ethereum for his personal benefit, this is unlikely. According to Colin Wu’s subsequent article, the transactions were done using internal deployment wallets that are not utilised for profit.
Sun also said that he is very excited about the whole blockchain business and would continue to work in its favour in the future to build a stronger ecosystem and development framework.
Attracting the market’s attention was a huge transaction in favour of a Binance wallet. Around $600 million was transferred from the wallet address ending in “ff5296” to another anonymous address, which subsequently transferred money to the centralised exchange.
While the quantity of Ether traded may be considered considerable, it represents less than 20% of the typical trading volume for the second largest cryptocurrency on the market.
According to TradingView statistics, Ethereum has dropped 22% of its value from November’s all-time high. Following a sharp correction, Ether has been slowly declining, losing around 10% every week.
At press time, ETH is trading at $3,713, down 8% from its previous high, following the bulk of currencies on the market. Bitcoin, XRP, and Dogecoin have all fallen precipitously in the previous three days, losing an average of 8%.
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