Justin Sun has once again found his way into crypto discussions. The founder of TRON has raised eyebrows after depositing a substantial amount of Ethereum tokens into the largest cryptocurrency trading platform, Binance.
Sun deposited more than $600 million worth of ETH tokens in December into Binance. However, Sun, who is popular for being vocal about the TRON project and other developments in the market, has explained the purpose behind the ETH tokens.
SUN deposits over 165,000 ETH into Binance
Wu Blockchain, one of the most vocal crypto journalists in China, was the first to announce these deposits. SUN deposited 165,989 Ethereum tokens into Binance.
The tweet from Wu Blockchain read, “Data on the chain shows that Justin Sun, the founder of TRON, has frequently deposited ETH into Binance since December, with a total deposit of approximately 165,989 ETH (592 million US dollars).”
Given the large volume of this transaction, the crypto market was quick to state that SUN was depositing its holdings. The total trading volumes for ETH stood at around $16 billion when SUN was making this deposit; hence his transaction would not cause any major price changes.
However, because of his position in the crypto market, the transaction was poised to leave a mark. The Ether market could easily record changes, as SUN’s transaction could have spooked the crypto market.
SUN explains the motive behind his deposit
SUN was quick to dispel the rumours that he was dumping his ETH holdings and explained the reason behind the transaction.
“Recently, the internal deployment of wallets has attracted market attention. We continue to be optimistic about the market outlook, and there is no situation that everyone has guessed. Regardless of Ethereum, TRON, and the entire blockchain industry, we are highly optimistic and will continue to build, and everyone will receive more heavy news next!”
Ethereum has been on a downtrend during the past month. The altcoin’s price has dropped to around $3790 at the time of writing, which is over 20% below its all-time high of $4860 reported in November.
However, despite the downtrend, Ethereum has outperformed Bitcoin in 2021, and its dominance in the market has grown significantly. It is currently the largest altcoin, and there are no signs that it could lose this position soon, given its massive market capitalization.
News of the Ethereum 2.0 upgrade is expected to affect the prices of Ether. Hence, the token could be in for major price gains in 2022.
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