Justin Sun gives Binance $21 million in crypto tokens
Justin Sun is related to the inactive whale wallet that deposited $21 million in AAVE, MKR, COMP, and LQTY on Binance on Monday.
Spotonchain estimates that Sun might make approximately $7 million by selling the tokens.
MKR and AAVE fell 2% and 1.5%, respectively.
According to Spotonchain, a whale wallet linked to Tron creator Justin Sun transferred $21 million in four cryptocurrencies to Binance on Monday.
The Tron founder's primary assets are Maker (MKR) and Aave (AAVE), which could net him almost $7 million if sold. On-chain data suggests that exchanges have increased the supply of these two tokens, indicating increased selling pressure as values struggle to recoup from recent losses.
Whale invests $21M in AAVE, MKR, COMP, LQTY
Spotonchain found $21 million in AAVE, MKR, Compound (COMP), and Liquity (LQTY) crypto token deposits to Binance, a major centralized exchange. Sun's MKR and AAVE deposits had over $7 million in unrealized profits, according to the on-chain tracker.
Spotonchain data reveals Sun's wallet sent Binance 3,800 MKR and 93,979 AAVE tokens. Large deposits might indicate that the whale, in this instance Justin Sun, is going to liquidate his shares.
MKR and AAVE on-chain data support bearish argument.
Santiment data reveals MKR and AAVE exchange supply has increased in the recent 10 days. MKR supply on exchanges rose 6.9% to 118.14K from 111.24K, while AAVE supply up 3.5% to 3.18 million from 3.07 million.
Exchange supply measures asset selling pressure. Increased exchange flow balance and token supply on exchanges are unfavorable for token prices. Thus, growing supply may cause another price adjustment for MKR and AAVE.
The Global In/Out of the Money (GIOM) map from IntoTheBlock reveals that over 50% of MKR investors and 46% of AAVE holders have unrealized gains and might benefit if they sold.
#JustinSun #Binance200M $AAVE @Justin Sun孙宇晨
