Share this article
Justin Sun Moves $4.3M of MakerDAO's Tokens to Binance: Blockchain Data
Tron founder Justin Sun’s potential sale of MakerDAO’s token – movements of tokens to an exchange often come before sales – coincide with the DeFi protocol’s controversial restructuring.
Updated May 23, 2023, 3:04 p.m. Published May 23, 2023, 1:24 p.m.
Crypto investor and Tron network founder Justin Sun transferred $4.3 million worth of MakerDAO’s maker (MKR) tokens to crypto exchange Binance early Tuesday.
When investors send tokens to an exchange, it often suggests they plan to sell. Representatives for Sun didn’t immediately respond to a request for comment.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Blockchain data by Arkham Intelligence show that a wallet linked to Justin Sun sent 6,802 MKR tokens to a Binance account through an intermediary wallet.
The spot market of MKR is thin and illiquid, meaning that a large sell order can significantly move the token price. A sell order for 525 MKR on the MKR/USDT pair on Binance, the most liquid market for the token, may cause a 2% price decline, according to Cryptowatch data.
MKR is the governance token of MakerDAO, one of the largest decentralized finance (DeFi) protocols and issuer of the $4.7 billion DAI stablecoin. The token has been changing hands at around $632 at press time, per CoinDesk data.
Sun’s transfer comes as MakerDAO undergoes a major overhaul of its governance structure – a process called Endgame. The restructuring, spearheaded by protocol founder Rune Christensen, involves breaking up the decentralized autonomous organization (DAO) into smaller, self-governing entities called SubDAOs issuing their own tokens, upgrading and renaming its DAI stablecoin and MKR governance token and increasingly investing its vast reserves into real-world assets.
The Endgame plan, while approved by governance vote, also sparked backlash among the community members and investors in the protocol. A slew of delegates and developers have resigned from their roles through the past months. In March, crypto investing giant Paradigm Capital, one of the largest investors in the protocol, unloaded roughly $20 million of MKR, blockchain data by Arkham showed, with the tokens ending up on a Coinbase deposit address.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
XRP Underperforms Market as Sudden Bitcoin Surge Forces $387M of Liquidations
XRP's technical outlook remains uncertain, with support at $2.05 and resistance at $2.17, as traders watch for volume expansion
What to know:
- XRP posts gains but underperforms compared to the broader digital asset surge, with below-average trading volume raising questions about the move's strength.
- Bitcoin's rise above $94,000 triggered a broad market rebound, leading to significant liquidations and reshuffling of positions.
- XRP's technical outlook remains uncertain, with support at $2.05 and resistance at $2.17, as traders watch for volume expansion to confirm momentum alignment.
Top Stories
