Binance receives Justin Sun’s massive SHIB withdrawal

The man of Tron (TRX), Justin Sun, has pulled $5.22 million worth of Shiba Inu (SHIB) from his portfolio. His four-day streak of many token withdrawals placed this as his biggest withdrawal sum, indicating accumulation.

According to SpotOnChain statistics, Justin Sun made a substantial withdrawal on December 19. From Binance, the Tron developer withdrew 500 billion SHIB, or $5.22 million. This last development in particular lends credence to the idea that he is engaging in tactical trading in anticipation of the crypto market re-entering its 2021 greed levels.

Notably, experts have been forecasting that altcoins will start outperforming Bitcoin (BTC) in the near future, a trend known as an altseason. Perhaps Sun is bracing himself for this change because he is pulling back.

Justin Sun has been rather busy as of late, and it’s not just with SHIB. He has stolen $7.35 million worth of assets from Binance in the last four days. You may find these assets listed below: 500 billion SHIB ($5.22 million), 127,510 LINK ($1.82 million), 202,385 STORJ ($190,000), 53.68 billion PEPE ($76,200), and 13,904 DYDX ($43,700).

Justin Sun’s withdrawals are noteworthy for their quantity and variety. The market’s reaction to these massive shifts is something that cryptocurrency investors are keeping a careful eye on. Specifically, copy traders may be influenced to make similar buys by his conduct.

More details on Sun’s financial schemes and their drivers may become clear as the plot progresses. Nonetheless, investors shouldn’t let the behavior of powerful people dictate all of their financial choices.

In a nutshell, market makers and whales may easily manipulate the bitcoin market, making it unpredictable and volatile. Every trader must exercise caution and use sound risk management strategies for every transaction.

Also Read: European Union Sanctions Russian Crypto Assets December 19, 2023