{"id":612332,"date":"2024-06-11T00:00:32","date_gmt":"2024-06-11T00:00:32","guid":{"rendered":"https:\/\/wncen.com\/?p=612332"},"modified":"2024-06-10T18:32:18","modified_gmt":"2024-06-10T18:32:18","slug":"whale-deposits-21-million-in-defi-tokens-to-binance-was-it-justin-sun","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/whale-deposits-21-million-in-defi-tokens-to-binance-was-it-justin-sun\/","title":{"rendered":"Whale Deposits $21 Million In DeFi Tokens To Binance, Was It Justin Sun?"},"content":{"rendered":"

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.<\/p>\n

Related Reading: Ready To Strike? Bitcoin Poised For A Big Move After Major Consolidation<\/a><\/div>\n

Whale Deposits $21 Million In DeFi Tokens To Binance<\/h2>\n

On Monday, on-chain analytic firm Spotonchain reported<\/a> 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.<\/p>\n

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.<\/p>\n

\"crypto\"
Sun deposits AAVE, COMP, and LQTY to Binance. Source: Spotonchain<\/a><\/figcaption><\/figure>\n

Per the post, the whale<\/a> 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.<\/p>\n

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.<\/p>\n

At the time of the post, the crypto whale had around $7 million in estimated profits, $6.74 million from MKR<\/a>, and $252,000 from AAVE.<\/p>\n

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.<\/p>\n

Are Sun\u2019s Transfers Bearish Or Bullish?<\/h2>\n

The deposits raised concerns among the crypto community as deposits on exchanges are considered bearish and could significantly decrease a token\u2019s price if dumped.<\/p>\n

Nonetheless, some considered Sun\u2019s movements as a bullish<\/a> signal. An X user stated his optimism, claiming that whales \u201calways deposit during the consolidation before the breakout.\u201d<\/p>\n

Similarly, other crypto investors believe<\/a> it\u2019s \u201ctime to load up on DeFi\u201d and that \u201cJustin is about to give us generational entry.\u201d<\/p>\n

It\u2019s worth noting that the community closely follows Tron\u2019s founder’s on-chain movements. As reported<\/a> by NewsBTC, Sun is suspected to be the whale behind some of the massive Ethereum (ETH) purchases from Q1\u00a02024. Sun seemingly bought over $891 million worth of ETH during the buying spree.<\/p>\n

Despite the community\u2019s reaction, the 4 DeFi tokens sent to Binance didn\u2019t react significantly to the transactions.<\/p>\n

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

Related Reading: Bitcoin Buoyed By Big Money: Whales Gobble More BTC, Signaling Bullish Outlook<\/a><\/div>\n

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.<\/p>\n

\"AAVE,
AAVE’s performance in the three-day chart. Source: AAVEUSDT on TradingView<\/a><\/figcaption><\/figure>\n
Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

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. Related Reading: Ready To Strike? Bitcoin Poised For A Big Move After Major Consolidation 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. 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\u2019s 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\u2019s price if dumped. Nonetheless, some considered Sun\u2019s movements as a bullish signal. An X user stated his optimism, claiming that whales \u201calways deposit during the consolidation before the breakout.\u201d Similarly, other crypto investors believe it\u2019s \u201ctime to load up on DeFi\u201d and that \u201cJustin is about to give us generational entry.\u201d It\u2019s worth noting that the community closely follows Tron\u2019s 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\u00a02024. Sun seemingly bought over $891 million worth of ETH during the buying spree. Despite the community\u2019s reaction, the 4 DeFi tokens sent to Binance didn\u2019t 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. Related Reading: Bitcoin Buoyed By Big Money: Whales Gobble More BTC, Signaling Bullish Outlook 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. Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":590749,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[79511,86582,83417,86936,85279,54512,92532,12098,87829,87830,87072,16359,89054],"class_list":["post-612332","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-aave","tag-aave-price","tag-aaveusdt","tag-compound-comp","tag-crypto-whale","tag-defi","tag-defi-token","tag-justin-sun","tag-liquity","tag-lqty","tag-maker-mkr","tag-mkr","tag-tron-founder"],"acf":[],"yoast_head":"\nWhale Deposits $21M In DeFi Tokens To Binance, Is It Justin Sun?<\/title>\n<meta name=\"description\" content=\"On Monday, a whale deposited $21 million in DeFi tokens to the crypto exchange Binance, which alarmed the 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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. 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\u2019t 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\u2019s 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\u2019s 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 \u00ad\u2013or 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\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 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 \u2013hers 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.","url":"https:\/\/wncen.com\/author\/rubmargarcia\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Whale Deposits $21 Million In DeFi Tokens To Binance, Was It Justin Sun?","url":"http:\/\/wncen.com\/news\/whale-deposits-21-million-in-defi-tokens-to-binance-was-it-justin-sun\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/whale-deposits-21-million-in-defi-tokens-to-binance-was-it-justin-sun\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/gabriel-dizzi-WPXxp36tkHQ-unsplash.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/gabriel-dizzi-WPXxp36tkHQ-unsplash.jpeg?fit=1920%2C1080"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Rubmar Garcia"}],"creator":["Rubmar Garcia"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["aave","aave price","aaveusdt","compound (comp)","crypto whale","defi","defi token","justin sun","liquity","lqty","maker (mkr)","mkr","tron founder"],"dateCreated":"2024-06-11T00:00:32Z","datePublished":"2024-06-11T00:00:32Z","dateModified":"2024-06-11T00:00:32Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Whale Deposits $21 Million In DeFi Tokens To Binance, Was It Justin Sun?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/whale-deposits-21-million-in-defi-tokens-to-binance-was-it-justin-sun\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/whale-deposits-21-million-in-defi-tokens-to-binance-was-it-justin-sun\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/gabriel-dizzi-WPXxp36tkHQ-unsplash.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/gabriel-dizzi-WPXxp36tkHQ-unsplash.jpeg?fit=1920%2C1080\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Rubmar Garcia\"}],\"creator\":[\"Rubmar Garcia\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"aave\",\"aave price\",\"aaveusdt\",\"compound (comp)\",\"crypto whale\",\"defi\",\"defi token\",\"justin sun\",\"liquity\",\"lqty\",\"maker (mkr)\",\"mkr\",\"tron founder\"],\"dateCreated\":\"2024-06-11T00:00:32Z\",\"datePublished\":\"2024-06-11T00:00:32Z\",\"dateModified\":\"2024-06-11T00:00:32Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/gabriel-dizzi-WPXxp36tkHQ-unsplash.jpeg?fit=1920%2C1080","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/612332"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/614"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=612332"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/612332\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/590749"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=612332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=612332"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=612332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}