Justin Sun’s operations with stablecoins attracted a lot of attention, but they are most likely harmless
Tron Network founder Justin Son has been actively withdrawing funds from various platforms and moving them to Circle. In total, Sun has transferred over $236 million to Circle in recent weeks.
Main reason why
According to the Tron Founder himself, it is not a cashout, and all of Circle’s operations involve only internal funds sorting and allocation. With the further development of business, fund allocation and distributions will be increased, which means we will see more transactions in the future.
The high activity of Sun’s wallet caused a lot of speculation in the industry as most of the transactions appeared after the Tron founder announced to join Huobi Exchange as part of its advisory board. Reportedly, he will focus on the Huobi token, which he has been hoarding since its origins.
The price performance of the exchange’s utility token fueled assumptions about Sun moving funds from Aave to the centralized exchange to accumulate more tokens and push HT’s price to new highs.
nothing to doubt
The allocation and circulation of stablecoins is not something that users should be concerned about considering the size of the companies Sun operates or deals with. Over the past few weeks, the crypto industry saw a solid increase in CEX and DEX outflows, causing some unrest among investors.
However, the cryptocurrency market is always swinging from positive to negative inflows, and a slight deviation is not something investors should be worried about. It is important to note that Sun’s operations are most likely planned and only have to do with internal planning and are not tied to the current market structure.
