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Justin Sun of TRON deposits $ 620 million of Ethereum on Binance – here’s why

  • Justin Sun has deposited 165,000 Ether, worth $ 620 million at press time, on Binance during December.
  • While the depositors have raised suspicions that he is trying to dump, TRON’s founder has cleared things up and dispelled the suspicions.

His Excellency Justin Sun (the title comes from his appointment in Granada, but more on that later) always finds a way to make headlines. This time it is to deposit a significant amount of Ether in the world’s largest cryptocurrency exchange, Binance. He deposited ETH worth more than $ 600 million in December and while this raised his eyebrows, he dismissed them and explained why the funds were for.

Wu Blockchain, a Chinese journalist focusing on cryptocurrencies, recently revealed the deposits. According to data from the chain, Sun has deposited 165,989 ETH. With Ether trading at $ 3,740 at press time, this equates to more than $ 620 million.

Rumors did not remain that the founder of TRON was trying to dump its reserves in the market. And while this would not break the Ether market (after all, the last day alone was a global amount of $ 16 billion), it would have made its mark. In addition, there may be more fear in the market when one of the most respected voices in the industry sings.

Sun explains $ 600 million deposit

Sun explained the deposit and questioned the rumors on his Chinese Twitter account.

In his statement, he explained:

Recently, the internal deployment of portfolios has attracted market attention. We are always optimistic about the market outlook, and there is no case that everyone has made a guess. Regardless of Ethereum, TRON, and the entire blockchain industry, we are very optimistic and will continue to build, and everyone will get stronger news below!

At press time, Ethereum was trading at $ 3,740, down just 1.32% on the final day. He is still the biggest altcoin, a position he is unlikely to lose, because his closest rival, Binance Coin, is five times smaller. However, since it hit its high-end level last month at $ 4,860, it has fallen 23.3%. This fall, while quite significant, is still less than the 31.1% of BTC and 32.9% of Solana.

Esdras Collins

Esdras Collins is an early investor in bitcoin and a veteran trader in the cryptocurrency and foreign exchange markets. He is fascinated by the complex possibilities of blockchain technology and is committed to making the subject accessible to all. His reports focus on the development of various cryptocurrency technologies.

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