Crypto luminary Justin Sun is reportedly considering selling around $21 million worth of decentralized finance (DeFi) tokens. Spot On Chain, an on-chain analysis firm, has observed Sun transferring a variety of DeFi tokens to the crypto exchange Binance, sparking speculation about potential liquidation strategies. Sun deposited a significant amount of DeFi tokens, including 93,979 Aave (AAVE), 3,800 Maker (MKR), 4,178 Compound (COMP), and 203,623 Liquity (LQTY) into Binance from three different wallets.
If Sun decides to proceed with the sale, he could potentially make profits of over $7 million, particularly from MKR and AAVE. Spot On Chain estimates a profit of $6.74 million from MKR and $252,000 from AAVE, totaling over $7 million in profits. However, the trading history for COMP and LQTY has not been disclosed by Spot On Chain. The market has not reacted significantly to these developments, with modest price movements in the involved DeFi tokens.
In addition to these DeFi tokens, Sun’s cryptocurrency portfolio is extensive, with holdings of over 28,000 Bitcoin (BTC) managed through his HTX account, valued at around $1.6 billion. Data from Arkham suggests that his public crypto assets exceed $1.08 billion, making him one of the wealthiest individuals in the crypto sector based on publicly available on-chain data. Despite the potential profits from the sale of DeFi tokens, Sun’s overall wealth in the crypto market remains substantial.
While Sun’s potential sale of DeFi tokens has generated interest and speculation in the crypto community, it is important for readers to approach this information with caution. The information provided is for general information purposes only, and any actions taken based on this information are at the reader’s own risk. As Sun considers liquidating a significant amount of DeFi tokens, the market will be closely watching for any potential impact on the value of these tokens and Sun’s overall position in the crypto sector.
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