Whale Deposits $21M In DeFi Tokens To Binance, Is It Justin Sun?

In
the
early
hours
of
Monday,
a
dormant
whale
moved
$21
million
worth
of
4
DeFi
tokens
to
the
crypto
exchange
Binance.
The
news
received
mixed
reactions
from
the
community,
which
worries
about
an
incoming
dump
amid
the
recent
retrace
of
the
crypto
market.

Whale
Deposits
$21
Million
In
DeFi
Tokens
To
Binance

On
Monday,
on-chain
analytic
firm
Spotonchain

reported
a
dormant
whale
had
deposited
around
$13
million
in
crypto
to
Binance.
After
a
year
of
holding,
The
whale
sent
3,800
Maker
(MKR)
and
20,000
Aave
(AAVE)
to
Binance.

The
firm
later
revealed
that
the
whale
was
seemingly
Tron
founder
Justin
Sun.
Three
of
the
13
addresses
believed
to
be
owned
by
Sun
were
wallets
that
conducted
the
transfers.

Sun
deposits
AAVE,
COMP,
and
LQTY
to
Binance.
Source:

Spotonchain

Per
the
post,
the

whale
deposited
$21
million
worth
of
4
DeFi
tokens
to
Binance
in
30
minutes.
The
addresses
sent
93,979
AAVE,
worth
around
$11.26
million,
and
3,800
MKR
tokens.

The
addresses
purchased
the
MKR
tokens
in
June
2023
for
$2.43
million,
acquiring
the
3,800
tokens
at
an
average
price
of
$641.81.
Meanwhile,
the
AAVE
tokens
were
bought
from
June
2023
until
January
2024
at
an
average
price
of
$87.14.

At
the
time
of
the
post,
the
crypto
whale
had
around
$7
million
in
estimated
profits,
$6.74
million
from

MKR,
and
$252,000
from
AAVE.

Additionally,
Sun
sent
over
4,000
and
200,000
Compound
(COMP)
and
Liquity
(LQTY)
tokens
to
the
exchange.
The
transactions
account
for
4,178
COMP,
worth
around
$245,000,
and
203,823
LQTY,
worth
approximately
$217,000.

Are
Sun’s
Transfers
Bearish
Or
Bullish?

The
deposits
raised
concerns
among
the
crypto
community
as
deposits
on
exchanges
are
considered
bearish
and
could
significantly
decrease
a
token’s
price
if
dumped.

Nonetheless,
some
considered
Sun’s
movements
as
a

bullish
signal.
An
X
user
stated
his
optimism,
claiming
that
whales
“always
deposit
during
the
consolidation
before
the
breakout.”

Similarly,
other
crypto
investors

believe
it’s
“time
to
load
up
on
DeFi”
and
that
“Justin
is
about
to
give
us
generational
entry.”

It’s
worth
noting
that
the
community
closely
follows
Tron’s
founder’s
on-chain
movements.
As

reported
by
NewsBTC,
Sun
is
suspected
to
be
the
whale
behind
some
of
the
massive
Ethereum
(ETH)
purchases
from
Q1 2024.
Sun
seemingly
bought
over
$891
million
worth
of
ETH
during
the
buying
spree.