DeFi
Justin Sun deposits $23.4 million in DeFi tokens on Binance, including a major CRV transaction
Over the past day, prominent cryptocurrency entrepreneur Justin Sun deposited 6.22 million CRV Tokens ($2.07 million) to Binance at a price of $0.333 per token.
Of these tokens, 5 million CRV were acquired from Curve founder Michael Egorov at an over-the-counter (OTC) price of $0.4 last August.
In addition to CRV, Sun also transferred various assets worth an additional $333,000 to Binance. These assets included:
– 37,740 CVX ($125,000)
– 148,003 MATIC ($86,400)
– 29,332 GAL ($72,100)
– 106,864 WOO ($24,300)
– 62,500 PROS ($22,700)
– 17,562 TRU ($2,800)
In total, Justin Sun deposited a total of $23.4 million across 11 different tokens, primarily from the DeFi sector, on Binance over the past week. This significant fund movement highlights Sun’s significant activity in the cryptocurrency market and its strategic positioning in DeFi assets.
15 hours ago, Justin Sun (@justinsuntron) deposited an additional $14.3 million into 8 assets for #Binanceincluding:
• 3.45 million $ETHFI ($12.05 million) – claimed during airdrop.
• 6.22 million $CRV ($1.96 million) – including $5 million $CRV was purchased from Curve founder at $0.4 via OTC last August.
• and $333,000 in 6 others… https://t.co/HD7MolDzBf pic.twitter.com/5XYZgLO9l4
– Spot on the channel (@spotonchain) June 18, 2024
Curve Finance’s CRV suffers a price drop following the move
Curve Finance, the latest token deposited on a centralized exchange (CEX), saw a 5% drop in value today. The filing of CRV by such a high-profile figure could be seen as an indicator of broader market trends and sentiment.
Justin Sun’s notable trades come at a time of increased activity and volatility in the cryptocurrency market. Its movements are often closely watched by traders and analysts because they can influence market dynamics and provide insight into potential market directions.
As the market continues to react to these large deposits, it remains to be seen how Justin Sun’s strategic positioning will impact the prices and perception of these DeFi tokens in the coming days.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
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