Tron Founder Justin Sun To Bag 52.9K Ethereum, What’s Happening

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As a seasoned researcher with over a decade of experience in the crypto market, I must admit that the recent moves by Tron founder Justin Sun have piqued my interest and sparked some concerns among investors like myself. The fact that he has applied to withdraw such a significant amount of ETH from Lido, after a massive selloff, is indeed intriguing and raises questions about his next move.

Justin Sun, the creator of Tron, has ignited market rumors with his proposed purchase of approximately 53,000 Ether. This move is noteworthy as the value of Ethereum approached $4,000, experiencing a 2% increase in its worth over the past day. Moreover, this action follows Sun’s recent large-scale sale of Ether, causing some investors to worry about potential repercussions on the asset’s price in the near future.

Tron Founder Justin Sun Plans To Bag 53K ETH

Tron Founder Justin Sun plans to acquire nearly 53,000 ETH, sparking discussions in the market. Notably, this move came just after Sun dumped a massive amount of the crypto recently, which has fueled speculations over its potential impact on Ethereum price.

To highlight, Spot On Chain, a leading platform for on-chain analysis and transaction tracking, has shared news about recent developments. As per the report, it appears that Sun has requested to remove approximately 52,905 ETH, valued at roughly $209 million, from Lido. Interestingly, this action is said to be part of his strategy to amass a total of 392,474 Ether, which he reportedly acquired for around $1.19 billion through three different wallets between February and August.

At present, his Ethereum holdings are estimated to have earned him a profit of approximately $349 million, representing a return of 29%. Interestingly, Sun recently sold off 29,920 Ethereum, valued at roughly $119.7 million, on the HTX exchange last week, following Ethereum’s price surge above $4,000.

Will It Impact Ethereum Price?

In the past day, the price of ETH has increased by more than 2% and is currently trading at $3,961. The daily trading volume for ETH has significantly risen by 11% to reach approximately $30.5 billion. In the last 24 hours, ETH has reached a peak of $4,020, marking a monthly gain of 27%. Additionally, data from CoinGlass indicates that there’s been a nearly 5% increase in ETH Futures Open Interest, which suggests growing market optimism towards this cryptocurrency.

In essence, Justin Sun’s latest action has sparked conjecture about his future plans regarding his Ethereum holdings. Specifically, financial analysts are debating whether Sun will persist in offloading his Ether, a decision that could potentially influence the value of Ethereum in the near future.

In addition to the worries, there’s also a positive outlook in the Ether market. For instance, renowned crypto expert Ali Martinez has stated that large Ether holders (whales) have been actively buying since ETH surpassed $3,300. Furthermore, an analysis suggests that the ETH price may reach towards $15,000 next, which adds to the market excitement.

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2024-12-16 10:57