Justin Sun Transfers $15.5M ETH to Poloniex, Is It Capitulation Time?
One of the top Ethereum (ETH) whales, Justin Sun, with approximately 223,780.577 Ethers in one wallet, has transferred 10k units to his backed crypto exchange, Poloniex. Sun, the Tron Foundation founder and the Permanent Representative of Grenada to the WTO, made the transfer to Poloniex as Ethereum retested $1,610.94 in the past 24 hours.
The last time Sun made a huge ETH transfer was 44 days ago, after sending 6,500 ethers to Poloniex. Coincidentally, Ethereum price dropped from $1,350 to about $1,151 in the subsequent days.
With Ethereum price forming a falling divergence in relation to the RDI daily indicator, market analysts speculate a looming crypto correction.
Nevertheless, the 10k ether transfer by Sun could be more of a routine derisking strategy as a long-term holder. Additionally, the crypto entrepreneur could be supporting Poloniex with liquidity amid heightened volatility across the board.
Sun Pushes Crypto Adoption Via Tron Network
The crypto billionaire has used his influence to push for crypto adoption at the state level. Recently, Sun announced that TRON is set to be made a legal tender in St Maarten after a member of parliament initiated a legal framework.
TRON coin, which trades around $0.061599 today, has a market capitalization of about $5,650,645,170 and 89,107,526 holders, according to data provided by token view.
Notably, the Tron foundation has partnered with several exchanges including Huobi to introduce crypto to the mainstream market.
Notably, Sun is a holder of more than 210 tokens, according to on-chain data, which include USDC and others with minimal liquidity on global crypto exchanges.