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The price of Ethereum may face chaos, as Justin Sunfounder of Tron (TRX), has raised $209 million in funding from Lido Finance, a liquid staking platform for Ethereum. Compared to top cryptocurrencies like Bitcoin (BTC) and Dogecoin (DOGE)The price of Ethereum had a muted performance, rising to $4,000 before consolidating and struggling to move higher. With the possibility of more sales, Ethereum has seen its price drop if Sun decides to drop more coins.
Justin Sun is dumping ETH
New reports from Spot On Chain, an AI-driven crypto platform, revealed that Sun has recently applied to withdraw 52,905 ETH tokens worth approximately $209 million. Lido Finance. According to on-chain data, this large withdrawal was part of the ETH stash Sun was said to have collected between February and August 2024.
Spot On Chain revealed that this is the total amount Ethereum Sun bought during this period there were 392,474 ETH tokens, worth $ 1.19 billion. All these tokens were purchased by three wallet addresses at an average price of $3,027. Currently, the total profit that the founder of Tron has earned from his purchase stands at $349 million, which represents a 29% increase from its purchase price.
Interestingly, on October 24, Sun had issued 80,251 ETH tokens, worth more than $131 million, to Lido Finance. After four days, he transferred all the money Binancethe largest crypto exchange in the world. This notable move came just before Ethereum’s price plunged by a whopping 5% in mid-October, possibly cause loss to the Sun.
Surprisingly, this is not the first time Sun has dumped Ethereum. Spot On Chain revealed earlier this month that the Tron Founder had been around to monetize his Ethereum Holdings during the market meeting.
In November, the Sun deposit 19,000 ETH is worth $60.83 million on HTX, a crypto exchange. Moreover, he transferred 29,920 ETH worth $119.7 million to HTX again after its price surpassed $4,000 last week. These are just a few of the transactions that the founder of Tron has made with ETH in the past month.
Given Sun’s history of major asset moves, further selling could have an impact on the already fragile Ethereum market. However, the question that remains is whether the founder of Tron will continue with his own Ethereum Exchange.
Ethereum Price Crash Ahead?
Although Sun did not go public with his latest story The highest value of Ethereumthe size and timing of these transactions may cause trouble for the future trajectory of the altcoin. Historically, large ETH shutdowns have caused price crashes as a result increased sales pressures.
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With the price of Ethereum still unstable again we aim for a strong upward trendanother large-scale dumping of ETH may fuel market volatility, especially if other investors or whales follow suit. At the moment, the price of Ethereum seems to be the same working wellrecording an increase of more than 7% in the last seven days and a surge of 28% in the last month, according to CoinMarketCap.
The featured image was created with Dall.E, a chart from Tradingview.com
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