Justin Sun Reportedly Contemplating $21 Million DeFi Token Sale
Crypto luminary Justin Sun is rumored to be considering a significant sale of decentralized finance (DeFi) tokens amounting to around $21 million. According to Spot On Chain, an on-chain analysis firm, Sun has transferred a variety of DeFi tokens to the crypto exchange – Binance.
Sun Will Make Over $7 Million in Profits
The breakdown of DeFi tokens that Sun deposited to Binance includes:
- 93,979 Aave (AAVE), valued at approximately $11.26 million.
- 3,800 Maker (MKR), worth around $9.3 million.
- 4,178 Compound (COMP) at $245,000, and
- 203,623 Liquity (LQTY), totaling $217,000.
These tokens were moved from three cryptocurrency wallets. Spot On Chain monitors 13 addresses linked to Sun.
βThese addresses (may) belong to the entity Justin Sun,β Spot On Chain said.
If Sun proceeds with the sale, the profits could be significant, especially from MKR and AAVE. Estimates indicate a profit of $6.74 million, a 276% gain from MKR, and $252,000, a 2.3% increase from AAVE, potentially resulting in over $7 million in total profits. However, Spot On Chain has not revealed the trading history for COMP and LQTY tokens.
Interestingly, the market has not reacted strongly to these developments, with AAVE, MKR, COMP, and LQTY showing relatively modest price movements. AAVE has decreased by 0.67%, MKR by 2.09%, COMP by 0.40%, and LQTY by 1.82%.
In addition to these tokens, Sun’s cryptocurrency portfolio is extensive. He disclosed in February 2024 that his holdings include over 28,000 Bitcoin (BTC) managed through his HTX account, with a market value of about $1.6 billion. Furthermore, data from Arkham indicates that his public crypto assets exceed $1.08 billion, positioning him as one of the wealthiest individuals in the crypto sector.
Hot Take: Justin Sun’s Potential DeFi Token Sale
Justin Sun is reportedly considering selling $21 million worth of DeFi tokens, with the potential to make over $7 million in profits. Despite the market’s relatively calm response, Sun’s significant holdings in various cryptocurrencies continue to establish him as one of the wealthiest individuals in the crypto space.
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