Significant activity was detected in a wallet linked to Justin Sun, founder of the TRON ecosystem and a well-known crypto billionaire, indicating an investment of over $3.5 million in five different altcoins, including Chainlink (LINK) and Shiba Inu (SHIB).
On-chain data provider Spot On Chain reported that the wallet, starting with 0x9fcc…, transferred a substantial amount of altcoins from the Binance exchange. Sun’s investments are spread across LINK, SHIB, Floki Inu (FLOKI), Decentraland (MANA), and Band Protocol (BAND), totaling $3.54 million.
The data reveals that Sun moved these altcoins worth $3.54 million from Binance to his personal wallet approximately 14 hours ago. Additionally, Spot On Chain noted that on December 19, 2023, Sun withdrew 500 billion SHIB valued at $5.22 million from Binance.
Sun’s latest investment of over $3.5 million in altcoins has sparked various speculations in the crypto community. Many suggest that this strategic investment is a preparation for an anticipated strong market rally, especially during a period when the crypto market appears weak.
Current market conditions show that the altcoins Sun invested in might be in a consolidation phase. SHIB has seen a 0.81% decrease, while LINK has risen by 4.57% in the last 24 hours. FLOKI, MANA, and BAND have also experienced respective increases of 2.89%, 0.10%, and 1.07% in the same period. Sun’s diverse investments across multiple altcoins demonstrate a strategy of portfolio diversification, aiming to reduce risk and balance performance across various assets.