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Tron Founder Justin Sun To Bag 52.9K Ethereum, What’s Happening
Tron founder Justin Sun has sparked speculations in the market with his recent plan to acquire around 53K ETH. Notably, this comes as the Ethereum price flirted near the $4,000 mark, with a surge of nearly 2% in its last 24-hour value. Besides, it also comes just after Sun has made a significant ETH selloff recently, which has sparked concerns among investors over its potential impact on the asset’s price ahead.
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.
Notably, top on-chain analytics and transaction tracking platform, Spot On Chain has reported the recent development. According to the report, Sun has recently applied to withdraw 52,905 ETH, worth around $209 million, from Lido. Notably, the report also noted that this move is part of his accumulation of 392,474 Ether, which he “allegedly bought” at around $1.19 billion through three wallets between February and August.
Meanwhile, his current ETH holdings showed that he has an estimated profit of around $349 million, indicating a 29% RoI. Notably, Sun has dumped 29,920 Ethereum, worth around $119.7 million, to HTX exchange last week, after the crypto’s price has touched $4k.
Will It Impact Ethereum Price?
The latest ETH price noted a surge of over 2% in the last 24 hours and traded at $3,961, while its one-day trading volume soared 11% to $30.5 billion. The crypto has touched a 24-hour high of $4,020 while noting a monthly gain of 27%. On the other hand, CoinGlass data showed that ETH Futures Open Interest soared nearly 5%, suggesting strong market confidence towards the asset.
However, the recent move by Justin Sun has fueled speculations over his next move with his ETH holdings. Precisely, a flurry of market experts are discussing if Sun would continue his Ether selling spree, which might impact Ethereum price ahead.
Meanwhile, despite the concerns, other Ether market trends appear to be optimistic. For context, popular crypto market expert Ali Martinez has recently said that ETH whales are on a buying spree since the crypto has soared past the $3,300 mark. Besides, a recent analysis showed that ETH price could target the brief $15K mark next, which has further fueled market sentiments.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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