coinedition.com
The crypto market experienced a sudden surge of activity as Justin Sun, the well-known founder of TRON (TRX), made a significant USDT transfer to Binance against the backdrop of a 22% decline in Binance Coin (BNB) over the past week.
Sun’s move to withdraw 20 million USDT from Aave and deposit the exact amount into Binance has sparked speculation and mixed reactions within the crypto community.
The news broke when Lookonchain, a prominent market tracker, shared the transfer details via Twitter. In the comments section, crypto enthusiasts expressed their opinions on Sun’s action and its potential impact on BNB.
Justin Sun withdrew 20M $USDT from #Aave and deposited 20M $USDT to #Binance 10 mins ago.https://t.co/cuMtGXUW7J pic.twitter.com/Zu8HxEuuul
— Lookonchain (@lookonchain) June 12, 2023
One enthusiast suggested Sun’s move was an attempt to save BNB from its recent downtrend, labeling it “crazy, literally.” Others were more critical, claiming that big money attempting to sway the market through such transfers amounted to manipulation. These comments also referenced ongoing legal issues faced by Binance.
Amid the discussion, another Twitter user named Milkyway offered a different perspective, stating that the Tether transfer correlated with renewed TrueUSD (TUSD) bidding. This comment hinted at the possibility of Sun’s actions being related to the support of TrueUSD’s contract swap by Binance, which Justin Sun himself had retweeted.
that corresponds to some renewed TUSD bidding
— Milkyway (@milkyway16eth) June 12, 2023
Sun’s high-profile status and the significant USDT transfer, coupled with the ongoing market volatility, led to increased speculation about whether his move was an attempt to stabilize BNB.
Interestingly, BNB experienced a sudden price surge from $220.4 to $234 within an hour. This unexpected movement has added further intrigue to the situation, leaving market participants eager to see how the market will respond in the coming days.