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Ethereum price may face some turmoil Justin Sunfounder of Tron (TRX), secured a whopping $209 million from Lido Finance, a decentralized liquid staking platform for Ethereum. Compared to the best cryptocurrencies such as Bitcoin (BTC) and Dogecoin (DOGE)Ethereum price performed relatively poorly, rising to $4,000 before consolidating and struggling to move higher. With the potential for further sales, Ethereum price could see a collapse If Sun decides to dump more coins.
Justin Sun is ditching ETH
new Reports Spot On Chain, an AI-based cryptocurrency platform, revealed that Sun recently applied to divest a staggering 52,905 ETH tokens worth around $209 million from… Lido Finance. According to on-chain data, this massive withdrawal was part of the ETH Sun stash that was allegedly accumulated between February and August 2024.
Spot On Chain revealed that the total amount of Ethereum Sun was purchased During this period, the number of ETH tokens reached 392,474, worth $1.19 billion. All of these tokens were purchased across three wallet addresses at an average price of $3,027. Currently, the total profit earned by the Tron founder since its purchase amounts to $349 million, which represents a 29% increase over the purchase price.
Interestingly, on October 24, Sun withdrew a massive 80,251 ETH tokens, worth over $131 million, from Lido Finance. Four days later, he transferred the full amount to… Binancethe largest crypto exchange in the world. This notable move occurred before the price of Ethereum dropped sharply by 5% in mid-October, which would have been Which led to the loss of the sun.
Unsurprisingly, this is not the first time Sun has dumped Ethereum. Spot On Chain revealed earlier this month that the Tron founder was Cash out your Ethereum holdings During the market rise.
In November, the sun Deposited 19,000 ETH worth $60.83 million to HTX, a cryptocurrency exchange. In addition, it is transfer 29,920 ETH worth $119.7 million went to HTX again after its price surpassed $4,000 over the past week. These are just a few of the transactions the Tron founder has made with ETH over the past month.
Given Sun’s history of large-scale asset movements, further selling could impact the already fragile Ethereum market. However, the lingering question remains whether the Tron founder will continue on his path Ethereum dumping spree.
Ethereum price collapse in the future?
While Sun has not commented publicly on his recent statements Large scale withdrawals from EthereumThe size and timing of these transactions could pose a problem for the future trajectory of the altcoin. Historically, large liquidations of ETH have led to price collapses due to… Increased selling pressure.
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Although the price of Ethereum is still unstable Aim for a stronger upside rallyMore large-scale ETH dumps could exacerbate market volatility, especially if other investors or whales follow suit. Right now, Ethereum’s price seems to be the same Good performanceregistering an increase of more than 7% in the past seven days and a 28% increase over the past month, according to CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
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