January 12, 2022

Silence - Silence Justin Sun For Work, Will A 'Storm' Hit The Crypto Market?

 Part of the crypto ‘whale’ group and the founder of the TRON (TRX) blockchain, Justin Sun, was found to have transferred funds from his wallet account. Based on data in the chain, two days ago, Sun transferred $ 166 million worth of stablecoins from the exchange to its account address.

Chinese journalist Colin Wu noted that in the past two days, Justin Sun has transferred 95 million USDT from Binance, and 10 million USDC, and another 1 million USDT from Huobi.

While Justin Sun did not comment on why the funds were withdrawn, Colin Wu made two speculations. First, it may be the result of an Ethereum sale he deposited on Binance last week. Wu noted that Sun deposited 166,000 Ethers into Binance worth about $ 592 million at the time. The second source that Wu mentions is the liquidity process from the liquidity pool of Ellipsis (EPS).

On the same day, Wu stated that it was found that Sun announced it had transferred 50-100 million USDC from Ethereum to TRON.

“To be transparent to our community, we will convert 50-100 million USDC from Ethereum to TRON blockchain in a few days. You may see USDC scorched on the Etheruem blockchain, which means the same amount is issued on the TRON blockchain. ” - Justin Sun

He recently followed up the announcement stating that the supply of USDC circulating in the TRON blockchain has surpassed $ 600 million. He said on Twitter recently, "USDC on the TRON blockchain has surpassed $ 600 million!"

Although Sun has previously stated that he is confident of the potential of crypto in the future, there is speculation among market players that Sun's move may be driven by his expectation that the market will be 'bearish' in the short term.

However, the large-scale transactions performed did not significantly affect the market of both crypto assets. Recently, the prices of Ether and TRX have been trading trending downwards but it does not at all show any difference of crypto assets from their downtrend. On the same day, TRX traded at around $ 0.06, down 16.1% over the past 7 days.