{"id":590738,"date":"2024-02-29T22:00:39","date_gmt":"2024-02-29T22:00:39","guid":{"rendered":"https:\/\/uniquehot.com\/?p=590738"},"modified":"2024-02-29T15:31:16","modified_gmt":"2024-02-29T15:31:16","slug":"justin-sun-moves-100m-to-binance-stacking-ethereum","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/justin-sun-moves-100m-to-binance-stacking-ethereum\/","title":{"rendered":"Justin Sun Moves $100M To Binance, Stacking Ethereum?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Justin Sun, the co-founder of Tron&#8211;a smart contracting platform for deploying decentralized applications (dapps), is once again moving and shuffling millions of dollars. According to Lookonchain\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/lookonchain\/status\/17448518\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">data<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0on February 29, Sun reportedly transferred 100 million USDT to Binance, days after moving huge sums earlier this week.<\/span><\/p>\n<figure id=\"attachment_590739\" aria-describedby=\"caption-attachment-590739\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-590739\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/GHfrDm_aEAAOy2w.jpg?resize=1024%2C678\" alt=\"Justin Sun moves $100 million USDT to Binance | Source: Lookonchain via X\" width=\"1024\" height=\"678\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/GHfrDm_aEAAOy2w.jpg?w=1360 1360w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/GHfrDm_aEAAOy2w.jpg?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/GHfrDm_aEAAOy2w.jpg?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/GHfrDm_aEAAOy2w.jpg?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/GHfrDm_aEAAOy2w.jpg?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/GHfrDm_aEAAOy2w.jpg?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-590739\" class=\"wp-caption-text\">Justin Sun moves $100 million USDT to Binance | Source: Lookonchain via X<\/figcaption><\/figure>\n<h2><span data-preserver-spaces=\"true\">Justin Sun Holds Millions Of ETH: Will The Co-founder Buy More?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">From February 12 to 24, a wallet associated with Sun acquired 168,369 ETH for an average price of $2,894. This purchase, valued at roughly $580.5 million, currently holds an unrealized profit of around $95 million. Profitability could increase considering the sharp demand for crypto, especially top coins like Bitcoin and Ethereum, in recent days.<\/span><\/p>\n<figure style=\"width: 1233px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/4gxTFl2G\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/4gxTFl2G\/\" alt=\"Ethereum price trending upward on February 29 | Source: ETHUSDT on Binance, TradingView\" width=\"1233\" height=\"592\"><\/a><figcaption class=\"wp-caption-text\">Ethereum price trending upward on February 29 | Source: <a href=\"https:\/\/www.tradingview.com\/x\/4gxTFl2G\/\" target=\"_blank\" rel=\"noopener nofollow\">ETHUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">The Ethereum price chart shows that ETH has been on a clear uptrend, rising from around $2,200 in early February to over $3,450 when writing. At this pace, and considering the institutional interest in potent crypto assets, including ETH, the odds of the second most valuable coin stretching gains will be highly likely. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As Bitcoin inches closer to $70,000, the probability of Ethereum also tracking higher toward its all-time high of around $5,000 will be elevated.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitwise-ceo-bitcoin-250000\/\" target=\"_blank\" rel=\"noopener \">Bitwise CEO Says Bitcoin At $250,000 Is Closer Than You Think<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Since ETH already owns a big stash of coins, there is speculation that the co-founder will double down, buying even more coins. The crypto community will continue watching the address until this happens and there is solid on-chain data to support the purchase.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Spot Ethereum ETFs And The Dencun Upgrade Are Key Updates<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">So far, optimism is high, especially among the broader altcoin community. As Bitcoin races to register new all-time highs pumped by institutional billions, eyes will be on the United States Securities and Exchange Commission (SEC). There are multiple applications for a spot Ethereum exchange-traded fund (ETF).\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The agency has not provided a definitive timeline for approving or rejecting the derivative product. There is regulatory uncertainty around the status of ETH, a significant headwind that might delay or even prevent the timely authorization of this product. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Still, the community is looking forward to the next communication in May. If the spot Ethereum ETF is a go, the coin will likely rally to new all-time highs, following Bitcoin.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-mvrv-levels-parabolic-bull-run-2020\/\" target=\"_blank\" rel=\"noopener \">Bitcoin MVRV Hits Levels That Lead To Parabolic Bull Run In 2020<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">However, before then, eyes are on the expected implementation of Dencun. The upgrade addresses challenges facing Ethereum, including scalability. Through <a href=\"https:\/\/uniquehot.com\/news\/dencun-countdown-ethereum-soars-towards-3000-will-the-upgrade-push-it-higher\/\" target=\"_blank\" rel=\"noopener \">Dencun<\/a>, Ethereum developers hope to lay the base for further throughput enhancements in the coming years. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">With higher throughput, transaction fees drop, overly improving user experience. This upgrade might go a long way in cementing Ethereum&#8217;s role in crypto, wading off stiff competition from Solana and others, including the BNB Chain.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Justin Sun, the co-founder of Tron&#8211;a smart contracting platform for deploying decentralized applications (dapps), is once again moving and shuffling millions of dollars. According to Lookonchain\u00a0data\u00a0on February 29, Sun reportedly transferred 100 million USDT to Binance, days after moving huge sums earlier this week. Justin Sun Holds Millions Of ETH: Will The Co-founder Buy More? From February 12 to 24, a wallet associated with Sun acquired 168,369 ETH for an average price of $2,894. This purchase, valued at roughly $580.5 million, currently holds an unrealized profit of around $95 million. Profitability could increase considering the sharp demand for crypto, especially top coins like Bitcoin and Ethereum, in recent days. The Ethereum price chart shows that ETH has been on a clear uptrend, rising from around $2,200 in early February to over $3,450 when writing. At this pace, and considering the institutional interest in potent crypto assets, including ETH, the odds of the second most valuable coin stretching gains will be highly likely. As Bitcoin inches closer to $70,000, the probability of Ethereum also tracking higher toward its all-time high of around $5,000 will be elevated. Related Reading: Bitwise CEO Says Bitcoin At $250,000 Is Closer Than You Think Since ETH already owns a big stash of coins, there is speculation that the co-founder will double down, buying even more coins. The crypto community will continue watching the address until this happens and there is solid on-chain data to support the purchase. Spot Ethereum ETFs And The Dencun Upgrade Are Key Updates So far, optimism is high, especially among the broader altcoin community. As Bitcoin races to register new all-time highs pumped by institutional billions, eyes will be on the United States Securities and Exchange Commission (SEC). There are multiple applications for a spot Ethereum exchange-traded fund (ETF).\u00a0 The agency has not provided a definitive timeline for approving or rejecting the derivative product. There is regulatory uncertainty around the status of ETH, a significant headwind that might delay or even prevent the timely authorization of this product. Still, the community is looking forward to the next communication in May. If the spot Ethereum ETF is a go, the coin will likely rally to new all-time highs, following Bitcoin. Related Reading: Bitcoin MVRV Hits Levels That Lead To Parabolic Bull Run In 2020 However, before then, eyes are on the expected implementation of Dencun. The upgrade addresses challenges facing Ethereum, including scalability. Through Dencun, Ethereum developers hope to lay the base for further throughput enhancements in the coming years. With higher throughput, transaction fees drop, overly improving user experience. This upgrade might go a long way in cementing Ethereum&#8217;s role in crypto, wading off stiff competition from Solana and others, including the BNB Chain. Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":572358,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[679,11427,87132,1119,88231,8323,1946,6931,78803,3799,89986],"class_list":["post-590738","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-bitcoin-price","tag-bnb","tag-bnb-chain","tag-btc","tag-dencun","tag-eth","tag-ethereum","tag-ethereum-price","tag-ethusdt","tag-sec","tag-spot-ethereum-etf"],"acf":[],"yoast_head":"\n<title>Justin Sun Moves $100M To Binance, Stacking Ethereum?<\/title>\n<meta name=\"description\" content=\"Justin Sun, the co-founder of Tron, has moved $100 million in USDT to Binance. 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The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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