to SpotonChain according to, TRON (TRX) founder Justin Sun withdrew $3.54 million worth of assets from Binance. Among the withdrawn assets Shiba Inu (SHIB), Floki Inu (FLOKI), Decetraland (MANA) and Band Protocol (BAND). The analytics firm also notes that Sun withdrew $5.22 million worth of SHIB from Binance just a month ago, on December 19.
Wallet 0x9fcc linked to @justinsuntron withdrew $3.54M worth of 5 assets, including $LINK, $FLOKI, $MANA, $SHIBand $BANDfrom #Binance ~14hrs ago.
NEWS CONTINUES BELOWNote that Justin Sun also recently withdrew 500B $SHIB (then $5.22M) from #Binance on Dec 19, 2023 via another address.
For more… https://t.co/4VwkFiyZ9V pic.twitter.com/GWU1hStBzm
NEWS CONTINUES BELOW— Spot On Chain (@spotonchain) January 18, 2024
Assets moving away from stock markets is a bullish development as it may mean that the investor expects prices to rise. Additionally, moving assets away from stock markets also reduces the selling pressure on the market.
Sun may be bullish on Shiba Inu (SHIB) as he transferred over $5 million in tokens from exchanges.
Will Shiba Inu (SHIB) Rise After Justin Sun’s Transfer?
Although the movement of tokens away from exchanges is in an upward direction, SHIB does not show any upward movement. The asset is down 5.5% on weekly charts and over 9% since last month. Moreover, since January 2023, SHIB’s price has fallen by over 23%.
solana The price of the Shiba Inu (SHIB) has struggled throughout 2023, while other assets such as (SOL) and Bitcoin (BTC) have risen by triple digits. Even SHIB’s rival Dogecoin (DOGE) had a lackluster year in 2023. Instead, other meme coins such as Pepe (PEPE) and Bonk (BONK) attracted attention in the meme coin market in 2023.
Moreover, investors are hopeful that SHIB’s trajectory will change this year. The project may see an increase in adoption as more applications enter the SHIB ecosystem via the Shibarium layer-2 network. Moreover, if we enter a bull run later this year, SHIB’s price could rise as high as its 2021 peak of $0.00008616.