In a notable development in the cryptocurrency markets, it has been reported that a wallet address controlled by Justin Sun, the founder of TRON and a well-known figure in the crypto world, purchased LIT tokens.
The address, reportedly belonging to Sun, withdrew $5.2 million worth of USDC from approximately $200 million in funds previously transferred to the LLP and used this amount to purchase LIT tokens.
According to information shared by the on-chain analytics platform MLM, approximately 1.66 million LIT tokens were purchased in this transaction. Considering current market prices, the current value of these assets is approximately $4.65 million. This indicates that the transaction represents an “unrealized loss” of approximately $550,000 on paper.
According to the same data, Sun still has approximately $1.2 million worth of USDC in his relevant spot account. This indicates that the investor has not yet used all of his liquidity and may make further moves depending on market developments.
The LIT token is known as a project focused on decentralized identity and data privacy solutions. However, recent fluctuations in the altcoin market have increased short-term price volatility in such projects. Experts note that these types of transactions by high-profile investors are closely monitored by the market and can sometimes have a psychological impact on price movements.
On the other hand, analysts point out that Sun is an investor who operates with long-term strategies, emphasizing that the current loss may stem from short-term price fluctuations and that the long-term performance of the investment will be decisive.
*This is not investment advice.
