In a recent move that caught the attention of the cryptocurrency community, technology entrepreneur Justin Sun withdrew 500 billion SHIB tokens worth approximately $5 million from Binance, the world's largest cryptocurrency exchange.
Justin Sun Withdrew $5 Million Worth of SHIB Tokens from Binance
This withdrawal forms part of a larger series of significant transactions made by Sun in recent days.
Specifically, it had withdrawn 127,510 LINK tokens ($1.85 million), 202,385 STORJ tokens ($200,000), 53.68 billion PEPE tokens ($76.7 thousand) and 13,904 DYDX tokens ($43 thousand) from Binance.
Cryptocurrency withdrawals from this type of exchange are actually considered as purchases.
The crypto community is closely monitoring Sun's moves, considering its potential impact on the price performance of the cryptocurrencies in question.
Such large-scale transactions by influential figures often trigger speculation and debate within the community.
Sun's recent ventures into meme coins and promising projects have been notable. Earlier this year, he publicly announced his decision to actively buy and sell these tokens, emphasizing that he would personally bear any losses and donate all profits to charity.
It is important to note that Sun clarified that their investments are not financial advice and that they do not guarantee that these projects will be listed on any exchange, including Huobi Global and Poloniex.
*This is not investment advice.