Ethereum Price Crash Incoming? Tron’s Justin Sun Unstakes $209 Million ETH From Lido Finance
Ethereum price may face some turmoil as Justin SunThe founder of Tron (TRX) has secured a whopping $209 million in pledges from Lido Finance, Ethereum’s liquid decentralized staking platform. Compared to top cryptocurrencies Bitcoin (BTC) and Dogecoin (DOGE)Ethereum price had a relatively lackluster performance, surging as high as $4,000 before consolidating and struggling higher. With more selling likely, The price of Ethereum could plummet If Sun decides to dump more tokens.
Justin Sun sells ETH
new Report News from AI-powered crypto platform Spot On Chain revealed that Sun recently applied to withdraw a staggering 52,905 ETH tokens worth approximately $209 million from the company. Lido Finance. According to on-chain data, this huge withdrawal is part of the ETH reserves that Sun allegedly accumulated between February and August 2024.
Spot On Chain revealed that the total amount Ethereum Sun Buy During this period, the number of ETH tokens reached 392,474, worth $1.19 billion. All of these tokens were purchased through three wallet addresses, with an average price of $3,027. Currently, Tron’s founders have made a total profit of US$349 million since the acquisition, an increase of 29% from the acquisition price.
Interestingly, on October 24, Sun unlocked a large amount of 80,251 ETH tokens from Lido Finance, worth more than $131 million. Four days later, he transferred the entire amount to Binancethe world’s largest cryptocurrency exchange. This noteworthy move preceded a significant 5% drop in Ethereum prices in mid-October, which may have contributed to a decline in Ethereum prices. Cause Sun company to lose money.
Unsurprisingly, this isn’t the first time Sun has ditched Ethereum. Spot On Chain revealed earlier this month that Tron founder has Cash out his Ethereum holdings during a market rally.
November, sun Deposit 19,000 ETH worth $60.83 million was deposited into cryptocurrency exchange HTX. Furthermore, he transfer HTX 29,920 ETH is once again worth $119.7 million after the price topped $4,000 last week. These are just a few of the transactions the Tron founder has made with ETH in the past month.
Given Sun’s history of massive asset flows, further selling could impact the already fragile Ethereum market. However, the lingering question remains whether the TRON founder will continue his Ethereum sell-off craze.
Is Ethereum price about to collapse?
Although Mr. Sun has not publicly commented on his recent performance Large scale Ethereum withdrawalsthe size and timing of these transactions could pose questions for the future trajectory of the altcoin. Historically, large-scale ETH liquidations have triggered price crashes because Selling pressure increases.
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As the price of Ethereum remains unstable Aiming for a stronger upward reboundA further massive ETH sell-off could increase market volatility, especially if other investors or whales follow suit. Currently, the price of Ethereum appears to be perform wellAccording to data from CoinMarketCap, it has gained more than 7% in the past seven days and surged 28% in the past month.
Featured image created using Dall.E, chart from Tradingview.com
