Early on Monday, a dormant whale sent $21 million in 4 DeFi tokens to Binance, which generated conflicting responses from the crypto community within a market retrace.
Following a year of holding, the whale left almost $13 million in crypto to Binance, including 3,800 Maker (MKR) and 20,000 Aave (AAVE) tokens, according on-chain analytics company Spotonchain.
Later , it was discovered that Tron founder Justin Sun is most likely the whale. Three of the thirteen supposedly Sun addresses connected to these transactions
Within 30 minutes, the whale deposited 3,800 MKR tokens and $21 million worth of 4 DeFi tokens to Binance, including 93,979 AAVE, valued at around $11.26 million.
Sun’s Optimistic Market Move
The whale bought the MKR tokens for $2.43 million in June 2023 averaging $641.81 per token; the AAVE tokens between June 2023 and January 2024 at an average price of $87.14 each.
With $6.74 million from MKR and $252,000 from AAVE, the whale had anticipated profits of about $7 million at the time of reporting. Sun also sent Binance 200,000 Liquity (LQTY) and 4,000 Compound (COMP) tokens valued around $245,000 and $217,000 respectively.
These deposits caused questions since substantial transfers to exchanges are sometimes considered as a bearish indicator that can cause notable price declines should they be sold.
Some members of the community, on the other hand, saw Sun’s actions as optimistic, implying whales make investments amid market consolidation before a breakthrough.
The tokens did not exhibit notable response in spite of the worries. After the news, AAVE dipped 1.4% then recovered; MKR had a 10.6% decrease over the weekend, falling short of $2,400.
