Tron founder Justin Sun has stirred speculation with his recent activities involving Shiba Inu (SHIB) after various crypto tracking platforms revealed significant transactions made by addresses associated with him.
Notably, on Friday, popular Chinese crypto monitoring service “AI Auntie” shed light on Sun’s actions, tweeting about two notable transactions. The first transaction involved sending 30 billion SHIB from an address associated with Sun to the Poloniex multi-signature address, which was valued at approximately $900,000. The second transaction involved selling 7 billion SHIB directly on the chain, resulting in a profit of $145,000.
Sun’s latest moves come after LookIntoChain highlighted Sun’s deposit of 20 billion SHIB to Poloniex and subsequent sale of 8.18 billion SHIB for 212,560 USDC on March 4th. Sun holds a substantial 472 billion SHIB, amounting to roughly $12.7 million.
That said, these transactions coincide with the recent surge in SHIB’s price, particularly between February 28th and March 5th, when it witnessed a remarkable 300% increase to reach $0.000045. However, this surge has triggered substantial profit-taking, leading to a subsequent decline in price, though some view it as an opportunity for accumulation.
Sun’s affinity for SHIB is evident from his consistent trading actions, even predating the recent price surge. Data from various chains suggests that he had accumulated SHIB assets earlier in January. For instance, a tweet from crypto tracking platform Lookonchain shows that between January 18 and 21, a wallet linked to Sun withdrew 60 million assets from Binance, including 656.4 billion SHIB valued at $6.3 million.
Meanwhile, amid the recent SHIB rally, there has been a resurgence of interest in the meme coin, particularly amid talks of a potential SHIB spot ETF approval. The Shiba Inu network has also been experiencing increased activity as community developers collaborate on future plans.
Recently, the SHIB team revealed its ambitious plans for 2024-2025, with a strong focus on decentralization and community empowerment. Among the key initiatives is the plan to decentralize decision-making through Shibarium, SHIB’s layer-2 network, thereby creating a more decentralized ecosystem. By prioritizing decentralization, the SHIB team hopes to attract more people to invest in the project and prevent bad actors from gaining too much influence, a development that could play a crucial role in SHIB’s future growth and adoption.
Despite these developments, SHIB was trading at $0.000025 at press time, reflecting a 4.56% drawdown over the past 24 hours, with trading volume experiencing a slump of around 47% to $1.4 billion.
Analysts, however, anticipate a consolidation phase below $0.00003 before a potential bullish breakout. According to popular crypto analyst Ali Martinez, a sustained close above the $0.000038 resistance level could potentially trigger a 40% surge towards $0.000052.
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