Justin Sun Accumulates More Shiba Inu From Binance After Massive 577B Shib Transfer

A Justin Sun-linked Ethereum address withdrew an additional Shiba Inu (SHIB) from Binance less than a month after a similar activity.

Tron founder and crypto entrepreneur Justin Sun has been accumulating Shiba Inu (SHIB), on-chain data reveals. In December, a wallet belonging to Justin Sun withdrew 577 billion SHIB tokens worth around $6 million at the time.

Now, blockchain tracker Spot On Chain has detected another significant SHIB withdrawal by the Tron founder.

This time, the address withdrew 79.33 billion SHIB valued at $751,000. It also withdrew other assets such as Chainlink (LINK), Floki (FLOKI), Decentraland (MANA), and Band Protocol (BAND).

However, SHIB ranks as the second largest holding on Justin Sun’s overall Ethereum-based holdings, according to Spot On Chain.

The Tron founder still holds the earlier 577 billion SHIB withdrawal, with the latest additional batch, bringing his total balance to 656 billion SHIB (valued at $6.25 million at current prices.)

Justin Sun Backing SHIB for Success?

The accumulation of SHIB by the crypto entrepreneur has raised brows within the Shiba Inu community, as speculation abounds that the prominent entrepreneur may subtly be a big believer in the project’s ecosystem.

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Although the amount of SHIB holdings pale in comparison to Sun’s overall portfolio, the cryptocurrency now makes up roughly 1% of his overall Ethereum-based assets.

Meanwhile, Sun’s activity may contribute to increased whale interest in SHIB as many consider the crypto entrepreneur a model of smart money. As an example, a new whale wallet pulled over 237 billion SHIB from Binance shortly after Sun’s large withdrawal in December. 

The Crypto Basic has also reported increased whale activity on SHIB, especially after the asset broke below the $0.000010 mark. Fresh wallets acquired 1.4 trillion Shiba Inu, helping stabilize SHIB below the crucial price zone.