Justin Sun’s Bold $4 Million Bet on SHIB, AAVE, and LINK Sparks Frenzy

Published by

Qadir AK

January 18, 2024

Justin Sun, a controversial figure in the crypto space, has once again surprised the market with a shift in his investment approach. The TRON founder, known for his controversial decisions, has strategically acquired SHIB, AAVE, and LINK, injecting fresh momentum into the altcoin market. Departing from his traditional stablecoins and ETH-centric portfolio, Sun’s newfound interest in smaller enterprises is a key point of interest.

Excited to know about Sun’s new investment portfolio? Let’s delve in!

Sun’s Portfolio: A Detailed Analysis

Recent on-chain data from Justin Sun’s wallet address has become a focal point in the crypto community. Spotonchain’s metrics reveal significant transactions involving seven digital assets—SHIB, AAVE, LINK, FLOKI, MANA, XVS, and BAND. Valued collectively at over $4 million, Sun strategically withdrew these assets from Binance, the leading cryptocurrency exchange globally.

AAVE in the Lead

A closer look at the data shows that Sun’s wallet has been accumulating these assets over the past 24 hours through multiple transactions. AAVE led the pack with an impressive withdrawal of $1.007 million, closely followed by LINK with $940.177K. Notably, Sun’s withdrawal of 500 billion SHIB aligns with a remarkable 2924.74% surge in Shiba Inu’s burn rate, a statistic drawing attention from the SHIB community.

Also Read: Top 10 Altcoins To Stack For Maximum Profits in 2024

Market Dynamics: Altcoins Respond

The market responded to Sun’s strategic moves with various price shifts over the past 24 hours. AAVE displayed a modest rise, while LINK saw a slight dip. MANA and FLOKI experienced measured gains, SHIB and BAND exhibited mixed movements, and XVS encountered a slight dip.

AAVE: $101.42, showing a marginal 0.05% rise.
LINK: Dropped by 3.36% to $15.44.
MANA: A 0.66% jump, reaching $0.4599.
FLOKI: A 0.58% dip, reaching $0.00003088.
SHIB and BAND: Fluctuations observed.
XVS: Fell by 0.63%, currently at $11.95.

Other Transactions

In a parallel development, two other whale wallets, labeled 0xab0 and 0x846, withdrew a combined 1.26 million RNDR ($5.3 million) from Binance, holding varying amounts of RNDR and ETH. Simultaneously, another whale, identified as 0x4dc, deposited 9.26 million CHZ ($1.02 million) to Coinbase at $0.11 after a prior withdrawal from Coinbase at a lower average price.

Big and influential transactions can affect the crypto industry both positively and negatively. What do you think? Tell us.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.