Justin Sun-Linked Wallet Deposits $1.23 Million of SPK Rewards to HTX, Raising Sale Concerns
Summary
- A wallet believed to be linked to Justin Sun withdrew an additional 41.99 million SPK rewards from Spark Protocol, worth about $1.23 million.
- All of the newly withdrawn SPK was transferred to HTX, prompting talk on-chain of a possible sale.
- The wallet has moved a total of 610 million SPK to exchanges since September last year, with the cumulative value reaching about $19.08 million.
Forecast Trend Report by Period
A wallet believed to be linked to Tron founder Justin Sun deposited a large amount of Spark (SPK) reward tokens into HTX, prompting speculation on-chain that the tokens could be sold.
On-chain analyst Ai wrote in an X post on May 18 that the wallet withdrew an additional 41.99 million SPK in rewards from Spark Protocol after about two weeks. The tokens were worth about $1.23 million.
The entire amount was then transferred to HTX, Ai said. Large token transfers to exchanges are commonly viewed by the market as a sign of possible selling pressure.
Data shows the wallet has moved a total of 610 million SPK to exchanges since September last year. The cumulative value is about $19.08 million.
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