Justin Sun’s $1M SHIB move shakes crypto world!

The cryptocurrency community, mainly die-hard Shiba Inu Shib Army followers, has been up in arms with news of major hints of Justin Sun, a celeb in the crypto world, behind the exchanges of Shiba Inu (SHIB) tokens. This intrigue comes on the heels of a massive movement of SHIB tokens worth over $500k around mid-February, lifting the gauntlet once again for Sun to demonstrate his presence in the cryptocurrency ecosystem.

The latest results show that the Chinese cryptocurrency tracking service AI Auntie picked up two transactions from wallets connected with Justin Sun, the founder of Tron. This process involved the transference of around $900,000 of SHIB tokens, which amounted to about 30 billion SHIB tokens, from one of the wallets owned by Sun to the multi-signature address belonging to Poloniex exchange, which Sun owns. To Sun, the subsequent transaction involved the sale of 7 billion SHIB at a profit of around $145,000.

However, these challenges could be overshadowed by Sun’s expertise in blockchain, his role as the head of the self-governing cryptocurrency ecosystem, TRON, and the Poloniex exchange he founded. He is an advisor to another crypto company involved with the exchange platform HTX (formerly Huobi). In these Sun transactions, we do not insist on his bullish attitude towards SHIB or a scheme to create an artificial shortage of cryptocurrency in the market. On top of that, his activities are like those of a weatherman to the investors who get to know the emerging patterns and changes in the SHIBs market.

Such exchanges, especially if the trading relates to moving SHIB tokens from an exchange like Poloniex, play a crucially important role in improving market liquidity. This, indeed, can ease the trading process, potentially attracting more traders to the SHIB market that will be doing this trading, thus contributing to a dynamic trading environment. Apart from this, Sun’s agitations can change investors’ opinions, which will undoubtedly affect the cryptocurrency’s stability and future potential.

Sun has been to Poloniex several times, and this is not the first time he has conducted important SHIB transactions there. On 4th March, a cryptocurrency security company, PeckShield, reported that 20 billion SHIB tokens were moved from one of Sun’s wallets to the Poloniex exchange, which made about $544,400, and then 8.18 billion SHIB were sold.

These moves drew the market’s attention, resulting in an in 0% rise of the SHIB’s value between 28th February and 5th March, which attached its peak price. Nevertheless, SHIB’s trading price dropped on Sunday, accompanied by a sharp decline in its weekly performance, even while the currency showed an impressive trading volume.

The dog coin Shiba Inu, now in the 11th slot in market capitalization per CoinMarketCap, indicates that the currencies market is very volatile. With a market capitalization of over $15 billion and a huge number of circulating supplies, it is therefore notable that the SHIB movement is drawing more attention from investors and enthusiasts, especially since people of high social status like Justin Sun can manipulate the market dynamics.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

Related Articles

Back to top button