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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Whale Deposits $21 Million In DeFi Tokens To Binance, Was It Justin Sun?

Rubmar Garcia
Rubmar Garcia
1 year ago
3 mins read
crypto whale, DeFi

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Created by industry experts and meticulously reviewed
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In the early hours of Monday, a dormant whale moved $21 million worth of 4 DeFi tokens to the crypto exchange Binance. The news received mixed reactions from the community, which worries about an incoming dump amid the recent retrace of the crypto market.

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Whale Deposits $21 Million In DeFi Tokens To Binance

On Monday, on-chain analytic firm Spotonchain reported a dormant whale had deposited around $13 million in crypto to Binance. After a year of holding, The whale sent 3,800 Maker (MKR) and 20,000 Aave (AAVE) to Binance.

The firm later revealed that the whale was seemingly Tron founder Justin Sun. Three of the 13 addresses believed to be owned by Sun were wallets that conducted the transfers.

crypto
Sun deposits AAVE, COMP, and LQTY to Binance. Source: Spotonchain

Per the post, the whale deposited $21 million worth of 4 DeFi tokens to Binance in 30 minutes. The addresses sent 93,979 AAVE, worth around $11.26 million, and 3,800 MKR tokens.

The addresses purchased the MKR tokens in June 2023 for $2.43 million, acquiring the 3,800 tokens at an average price of $641.81. Meanwhile, the AAVE tokens were bought from June 2023 until January 2024 at an average price of $87.14.

At the time of the post, the crypto whale had around $7 million in estimated profits, $6.74 million from MKR, and $252,000 from AAVE.

Additionally, Sun sent over 4,000 and 200,000 Compound (COMP) and Liquity (LQTY) tokens to the exchange. The transactions account for 4,178 COMP, worth around $245,000, and 203,823 LQTY, worth approximately $217,000.

Are Sun’s Transfers Bearish Or Bullish?

The deposits raised concerns among the crypto community as deposits on exchanges are considered bearish and could significantly decrease a token’s price if dumped.

Nonetheless, some considered Sun’s movements as a bullish signal. An X user stated his optimism, claiming that whales “always deposit during the consolidation before the breakout.”

Similarly, other crypto investors believe it’s “time to load up on DeFi” and that “Justin is about to give us generational entry.”

It’s worth noting that the community closely follows Tron’s founder’s on-chain movements. As reported by NewsBTC, Sun is suspected to be the whale behind some of the massive Ethereum (ETH) purchases from Q1 2024. Sun seemingly bought over $891 million worth of ETH during the buying spree.

Despite the community’s reaction, the 4 DeFi tokens sent to Binance didn’t react significantly to the transactions.

After the news, AAVE saw a mild 1.4% drop to the $91.26 level before recovering the $92 support zone. The token saw a 12.4% drop on Friday following the recent market downturn.

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Bitcoin Buoyed By Big Money: Whales Gobble More BTC, Signaling Bullish Outlook

1 year ago

Similarly, MKR saw a sharp 10.6% decline over the weekend, falling from the $2,600 to the $2,300 price range. However, the token has seen a 3.1% price decrease in the last 24 hours. MKR dropped by 1.8% after the news but failed to recover in the following hours, currently trading below $2,400.

AAVE, AAVEUSDT, Crypto, justin sun, DeFi
AAVE’s performance in the three-day chart. Source: AAVEUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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Rubmar Garcia
Rubmar Garcia

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

Read more

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies ­–or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages ­– currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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