Tron (TRX) founder and Huobi cryptocurrency Justin Sun, the name behind the exchange, recently made a large transfer to Binance, causing a sudden drop in the price of an altcoin.
A Sudden Drop In The Price Of The Coin After Justin Sun Sends Altcoins To Binance
About half an hour ago, Justin Sun moved 28.8 million TrueFi (TRU) coins to Binance. This amount corresponds to approximately 3.87 million dollars.
With the selling pressure experienced after the transfer of Justin Sun, the price of TRU altcoin dropped from $0.1345 to $0.1225.
TRU, one of the rare coins on the rise during the day, climbed from $ 0.97 to $ 0.1432.
A review of previous data shows that Justin Sun is almost always selling his TruFi (TRU) coin at a high price.
TRU is an Ethereum token that powers TrueFi, a decentralized finance protocol for unsecured lending using on-chain credit scores. TRU can be used for staking (i.e. approving or rejecting new loans) and management on the TrueFi protocol.
In addition, Justin is also known for his massive on-chain token transfers. In his previous statements, Sun said that such large token transfers consist of chain swaps and should not have other meanings. However, Sun-related accounts also appear to sell on decentralized exchanges.
*Not investment advice.
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