Recently, a new trend is set to impact the crypto market as Justin Sun, DWF Lab and Tron’s founder has transferred huge amounts of crypto mostly altcoins to various exchanges.These transfers have created concerns among the investors as it can impact the price.
1/ It seems that DWF labs is transferring altcoins to exchanges.— Lookonchain (@lookonchain) June 12, 2023
Watch out for price changes if you hold these tokens.👇 pic.twitter.com/1jF5Vuvbgv
As per the information shared by LookIntoChain, notable among these deposits are 4.25 million CEEK tokens worth $227,000, 300 million LABS tokens worth $171,000, 40 million POND tokens worth $272,000, 6,250 TIME tokens worth $115,000, 298,000 SIMP tokens worth $1,585, 1.54 million UNO tokens worth $66,585, 2.5 million IXS tokens worth $42,575, 438,000 DFYN tokens worth $12,721, 500,000 GF tokens worth $28,757, 7.26 million TOKO tokens worth $8,587, 50 million APM tokens worth $457,000, and 40,000 Auction tokens worth $151,000.
Reason for Transfer Still Unknown
Justin Sun has also made a significant transfer of 20 million USDT from Aave and depositing the same to Binance. The reason for this transfer is still unknown. Not just Sun, other prominent players have also been involved in massive transactions. The founder of Curve.fi, one of the greatest decentralized exchange protocols, is also involved in cryptocurrency borrowing. Curve.fi is said to have deposited around 34% of the circulating supply of CRV tokens in Aave and in return, the founder has borrowed USDC and USDT worth $65 million.
Upon conducting a detailed analysis of the transferred USDT (Tether) and USDC (USD Coin), it was observed that 37.7 million USDT was sent to Bitfinex, while Wintermute Trading received a transfer of 51 million USDC. Furthermore, during the period when USDC was experiencing depegging, around 14.2 million USDT was utilized to acquire ETH (Ethereum) and USDC.
These transfers may lead to price fluctuations of the tokens. Hence, participants are advised to closely monitor the prices before taking any investment decision.
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