Justin Sun-Linked Wallet Deposits $1.23 Million of SPK Rewards to HTX, Raising Sale Speculation
Minseung Kang
Summary
- A wallet believed to be linked to Justin Sun withdrew an additional 41.99 million SPK in rewards from Spark Protocol.
- The SPK tokens, worth about $1.23 million, were all transferred to HTX, raising on-chain speculation about a possible sale.
- The wallet believed to be linked to Justin Sun has moved a total of 610 million SPK worth about $19.08 million to exchanges since September last year.
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 to an exchange, raising the prospect of a sale on-chain.
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 over about two weeks. The tokens were valued at about $1.23 million.
The entire amount was later transferred to HTX, Ai said. Large token transfers to exchanges are commonly viewed by the market as a sign of potential selling.
Data shows the Justin Sun-linked wallet has moved a total of 610 million SPK to exchanges since September last year. The cumulative value was about $19.08 million.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
