After Shifting Over $500,000 in SHIB, Justin Sun-Linked Wallets Execute 37 Billion Shiba Inu Transfer

March 17, 2024

In a strategic maneuver that has captivated the crypto community, notably the Shib Army, wallets associated with cryptocurrency entrepreneur Justin Sun orchestrated a series of high-value transactions involving Shiba Inu (SHIB) tokens very recently. These activities follow a movement of SHIB tokens worth over $500,000 earlier this month, prompting speculation among investors and enthusiasts alike on Sun’s continued involvement in the cryptocurrency market.

Last Friday, a Chinese crypto tracking service dubbed AI Auntie, flagged two significant transactions made by wallet addresses associated with Sun. One of the transactions involved moving 30 billion SHIB worth about $900,000 from one of Sun’s supposed crypto wallets to the Poloniex multi-signature address.

Another transaction is the selling of 7 billion SHIB on chain which yielded Sun around $145,000 profit. Sun, a Chinese-born Grenadian cryptocurrency entrepreneur and business executive who founded the blockchain DAO ecosystem TRON, also founded the crypto exchange platform Poloniex, aside from acting as an advisor of the crypto exchange HTX (formerly Houbi).

By executing significant transfers of SHIB tokens and engaging in sizable trades, Sun’s actions may signal his confidence in SHIB’s potential or his strategic positioning within the market. These transactions could also contribute to market liquidity and impact SHIB’s price dynamics, as the crypto entrepreneur’s trades are closely monitored by investors for potential insights into market sentiment and future price movements.

Sun’s transfers of Shiba Inu tokens particularly to cryptocurrency exchanges like Poloniex, could help increase liquidity for SHIB tokens. Enhanced liquidity can facilitate smoother trading activity and may attract greater participation from investors and traders, contributing to a more vibrant market ecosystem. 

Additionally, it could influence investor sentiment towards SHIB, with positive moves potentially boosting confidence in the cryptocurrency’s outlook, while negative actions may lead to heightened caution among investors. But this is not the first time the Poloniex founder made a substantial transfer of SHIB to his crypto exchange platform.

On March 4, blockchain security firm Peckshield disclosed that one of Justin Sun’s wallets, known as “Justin Sun-4,” orchestrated a transfer of 20 billion SHIB tokens to his Poloniex exchange. This transaction, valued at approximately $544,400, preceded a subsequent sale of 8.18 billion SHIB for 212,560 USDC.

Interestingly, these transactions align with a remarkable surge in SHIB’s price, especially notable between February 28 and March 5. During this period, Shiba Inu experienced a massive 300% increase, reaching a peak value of $0.000045. 

As of 5:41 a.m. ET on Sunday, Shiba Inu is trading at $0.00002653, accompanied by a substantial 24-hour trading volume of $2,390,310,885. This represents a 7.06% decline over the past 24 hours and a 22.40% price plummet over the last seven days.

SHIB currently holds the 11th seat in CoinMarketCap’s top cryptocurrencies with a market capitalization of $15,731,875,892 and a circulating supply of 589,289,410,812,691 SHIB, the latest data from CoinMarketCap showed.

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