$13.8 million worth of Ethereum ($ETH) recently moved from Binance into a crypto wallet linked to Tron founder Justin Sun. Now, rumors are swirling about what Sun could be doing with the funds—and we have a possible answer.
A $13.8 Million Withdrawal from Binance
The blockchain security firm PeckShield announced on Twitter that it spotted a massive transaction moving funds off Binance. The withdrawal of 6,166 ETH—worth around $13.8 million—headed into a wallet associated with Justin Sun. The wallet now holds $260 million in crypto.
While the funds in that wallet haven’t moved again, the signs suggest that Sun could be planning to use his ETH to trade new tokens on-chain.
In May, Sun announced that he would begin ‘actively trading meme coins and promising projects’ through his public wallet address. Sun’s public wallet holds just $20 million in assets, so it’s possible that the $13.8 million in withdrawn funds could be used to bolster this wallet.
Sun-Linked Wallet Holds Meme Coins Including SPONGE & PEPE
Another indication that Sun could be planning to trade meme coins is that he appears to already have a stake in some of the most explosive meme tokens.
A wallet with the nickname ‘Justin Sun 4’ on Etherscan is linked to Sun and holds a whopping $500 million in crypto assets. Among those assets are some large positions in meme coins, including:
- $6 million in Shiba Inu ($SHIB)
- $800,000 in Floki Inu ($FLOKI)
- $500,000 in Baby Doge Coin ($BABYDOGE)
- $78,000 in Pepe ($PEPE)
The wallet also holds some new meme coins, including:
- $300,000 in Toshi ($TOSHI)
- $61,000 in BabyPepe ($BABYPEPE)
- $44,000 in Sponge ($SPONGE)
- $27,000 in BOBO ($BOBO)
The wallet has smaller positions in meme coins like ALPACA, Oggy Inu, PepeAI, and REKT.
Some of these positions are noteworthy. For example, a $44,000 position in $SPONGE would mean that Sun—if he is indeed behind this wallet—is the 14th largest investor in $SPONGE ahead of the token’s bridge to SPONGE v2.
The takeaway for crypto market watchers is that Sun (or at the very least, another crypto whale) is bullish on meme coins heading into 2024.