According to SpotonChain, Justin Sun, the founder of TRON (TRX), withdrew $3.54 million worth of assets from Binance. The assets include Shiba Inu (SHIB), Floki Inu (FLOKI), Decetraland (MANA), and Band Protocol (BAND). The crypto analysis firm also notes that Sun withdrew $5.22 million worth of SHIB from Binance only a month ago, on Dec. 19, 2023.
The movement of assets away from exchanges is a bullish development, as it could mean the investor anticipates prices to rise. Moreover, moving assets away from exchanges also reduces sell pressure on the market.
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Sun may be bullish on Shiba Inu (SHIB), as he has transferred over $5 million worth of tokens from exchanges.
Will Shiba Inu (SHIB) rally following Justin Sun’s transfer?
Although the movement of tokens away from exchanges is bullish, SHIB does not show any bullish movements. The asset is down by 5.5% in the weekly charts and over 9% since the last month. Moreover, since January 2023, SHIB’s price has fallen by over 23%.
Shiba Inu’s (SHIB) price has struggled throughout 2023, while other assets, such as Solana (SOL) and Bitcoin (BTC), rallied by triple digits. Even SHIB’s rival, Dogecoin (DOGE), had a lackluster year in 2023. Other memecoins, such as Pepe (PEPE) and Bonk (BONK), instead took the memecoin spotlight in 2023.
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Nonetheless, Sun’s SHIB transfers are a testament to the memecoin’s popularity.
Moreover, investors are hopeful that SHIB’s tide will change this year. The project may see a surge in adoption as more applications come into the SHIB ecosystem via the Shiabrium layer-2 network. Moreover, if we enter a bull run later this year, SHIB’s price may skyrocket to its 2021 peak of $0.00008616.