The founder of Tron and one of the most popular people in the crypto industry, Justin Sun, has made another withdrawal of Shiba Inu tokens (SHIB), causing anxiety in the digital asset market.
Analysts at PeckShieldAlert reported on their X (Twitter) page that after withdrawing 500 billion SHIB earlier this week, Justin Sun withdrew approximately 77 billion more SHIB tokens from Binance, which are valued at approximately $810,000.
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It's worth noting that Sun's recent actions have piqued the crypto community's interest in his motives, which he hasn't disclosed. Recently, the Tron founder withdrew 127,510 Chainlink (LINK) tokens worth $1.85 million, 202,385 Storj (STORJ) tokens worth $200,000, 53.68 billion Pepe (PEPE) tokens worth $76.7,000, and 13,904 dYdX (DYDX) tokens worth a total of $43,000 from Binance, U.Today reported.
Sun's interest in meme coins and promising projects came to light on May 11, after he announced his decision to start actively trading these crypto assets via his public address.
"I have decided to start actively trading meme coins and promising projects through my public address. Please note that I will personally take any possible losses from these trades, and any profits will be fully donated to charity," Sun said.
Many supporters of meme coins believe that Justin Sun's active trading of these tokens can have a significant impact on their value and overall market performance. However, a number of digital asset marketers are concerned about the lack of transparency and potential risks associated with such large transactions.
The Shiba Inu token (SHIB) reacted immediately to the news, spiking briefly to $0.00001058 before dropping back to around $0.00001020.
Analysts have already pointed out that such fluctuations in the price of SHIB not only attract new investors to the cryptocurrency market, but also make us wonder about Justin Sun's true intentions.
See also: Top 10 countries in crypto ownership.