Justin Sun Transfers $14.7 Million in ETH – Will He Buy SPONGE V2?

Altcoins, including memecoins like $SPONGE V2 , are a means of diversification from Bitcoin for discerning traders like Justin Sun, the founder of Tron. The price of $SPONGE has surged 178% in the last six days, while Sun just pulled out $14 million from Binance.

According to the analysis of the wallets associated with the popular crypto entrepreneur, tokens like $SPONGE are in his crosshairs; its ecosystem currently undergoing an upgrade to be transformed into a gaming platform.

Indeed, traders looking for exceptional returns on investment are turning to memecoins, as this sector has established itself as the arena of choice for speculation.

In May 2023, Justin Sun revealed that he was looking to buy some interesting meme tokens. In May, he announced on X that he would start “trading memecoins and promising projects.” Justin Sun owns $43,000 worth of $SPONGE.

Cryptocurrency observers noticed that Sun made a huge move today, in tandem with other whales preparing for the next cryptocurrency rally.

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What memecoins will Justin Sun buy? 

Recently, new blockbuster currencies such as BONK, GROK and WIF have been popular. Will Justin Sun buy one of these tokens? 

Maybe he thinks it’s time to increase his memecoin positions? $SPONGE could be at the top of the list from this perspective.

According to information provided by crypto security firm PeckShield , 6,166 ETH was transferred from the Binance exchange to a wallet that appears to be linked to Justin Sun. The ETH transfer is currently valued at $14.7 million.

It is common for transfers outside of stock exchanges to be interpreted as an indication of long-term holding. However, in this case, the transfer could indicate that the owner of the ETH is looking to purchase very low-cap coins that are not present on Binance.

The wallet contains cryptocurrencies worth $273 million, the majority being ETH. Depending on the depth of the memecoin market in question, a small fraction of this amount could result in an unprecedented pump.

There is also another wallet with the public name of “Justin Sun” on Etherscan. The value of its tokens is estimated at $21.6 million.

With the name “Justin Sun 4” on Etherscan, another address holds cryptocurrencies worth $530 million, and that is where $SPONGE is located. Justin Sun owns 108 million SPONGE V1 , which is valued at $43,246.

This wallet also holds other memecoins: SHIB ($6.2 million), FLOKI ($805,000), BabyDoge ($524,000) and PEPE ($76,000).

It is interesting to see that the Shiba Inu occupies the first place in the wallet, which suggests an intention to position itself well in the memecoin sector. The portfolio holds 577 billion SHIB.

Would Justin Sun try to do x100 with SPONGE V2?

The $SPONGE token, created in homage to the cartoon character SpongeBob but unrelated to the Nickelodeon channel, was launched in May 2023 and quickly saw its price increase by x100 for the first buyers. The token currently has a market capitalization of $10 million, with at least 11,800 token holders (not counting those on centralized exchanges, for whom information is not accessible) and a strong social influence with more than 24,000 followers on x.

A new version 2 of the token was announced by the project earlier this month. Current $SPONGE holders can stake the Sponge V1 version in order to obtain the V2 version by visiting the dedicated staking dashboard of the official website. It is important to know that $SPONGE users who have already staked their V1 tokens must cancel their stake and redo it using the newly developed V2 dashboard.

Using the widget on the $SPONGE website, new buyers can purchase $SPONGE and then stake to earn V2s.

So Sponge V1 must be staked to receive Sponge V2. The V1 token will be locked while the transition process takes place behind the scenes. Token holders will be able to claim their tokens once the transition is complete. Tokens can remain in play to continue generating revenue once they have been claimed.

Investors like Justin Sun will once again be able to benefit from 100x thanks to this upgrade. Additionally, the Sponge team is committed to securing new listings for these tokens from leading exchanges. Additionally, they will now focus on the gaming sector, which is booming.

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(Featured image by Kanchanara via Unsplash)

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