According to on-chain statistics given by WuBlockchain, Tron founder Justin Sun has placed more than 165,000 Ethereum coins on the Binance market since the beginning of December.
What’s going on behind the scenes of the transactions?
While it may appear like Tron’s creator was selling massive amounts of Ethereum for his own benefit, this is unlikely. The transactions from internal deployment wallets that are not to make any money, according to the next post by Colin Wu.
“Data on the chain shows that Justin Sun, the founder of TRON, has frequently deposited ETH into Binance”
” since December, with a total deposit of approximately 165,989 ETH (592 million U.S. dollars).”
pic.twitter.com/8xKyf8Q72b — Wu Blockchain (@WuBlockchain) December 29, 2021
Sun also stated that he is still very positive about the blockchain sector as a whole. Then, that he will continue to work in its favor to build a better environment and development framework in the future.
The attention of the market was drawn to a significant transaction in favor of a Binance wallet. Approximately $600 million was sent from a wallet address ending in “ff5296” to another anonymous address.
Which then transacted funds to the centralized exchange.
While the quantity of Ether on trade is impressive. Also, it still accounts for less than 20% of the usual trading volume for the crypto market’s second largest asset.