Crypto billionaire and Tron founder Justin Sun recently transferred $14.7 million worth of ETH from the Binance exchange to a private wallet address, sparking speculation that he may be preparing to invest in the Sponge ecosystem.

Sun has previously invested in the original Sponge (SPONGE) token, so this latest transfer has fueled rumors that he may be considering a substantial investment in Sponge V2 (SPONGEV2).

Justin Sun’s Wallet Transfer Sparks Speculation of Imminent Sponge V2 Purchase

According to a tweet from PeckShield, Sun moved 6,166 ETH to an unknown wallet address, which currently holds crypto assets valued at over $270 million.

This move has sparked speculation that he may be gearing up to invest in meme coins, given that he already owns over $6 million worth of Shiba Inu (SHIB) and has holdings in other top tokens, like Floki (FLOKI).

Notably, one of Sun’s wallets, tagged “Justin Sun 4” on Etherscan, holds just over $43,000 worth of Sponge V1 tokens.

This makes Sun the 14th largest holder of SPONGE globally.

Now, with the upcoming launch of Sponge V2, analysts are speculating that Sun may be looking to increase his SPONGE investment before the token bridge occurs.

His recent massive wallet transfer could be in preparation for such a purchase, which may indicate his intention to increase his exposure to the meme coin market.

In fact, Sun tweeted back in May that he had decided to “begin actively trading meme coins” and would donate any profits to charity.

Ultimately, these rumors about Sun potentially readying to buy Sponge V2 have ignited significant interest in the SPONGE community, which now boasts over 8,000 active members on Telegram.

SPONGE Token Upgrades to V2, B