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Ethereum's price has fallen somewhat as Tron (TRX) founder Justin Sun unstakes a whopping $209 million from Lido Finance, Ethereum's liquid decentralized staking platform. may face confusion. Compared to top cryptocurrencies such as Bitcoin (BTC) and Dogecoin (DOGE), Ethereum price has had a relatively subdued performance, surging to $4,000 before consolidating and struggling to rise further. . With the possibility of further sales, the price of Ethereum could plummet if Sun decides to release more coins.
Justin Sun dumps ETH
A new report from AI-driven crypto platform Spot On Chain reveals that Sun recently applied to withdraw a staggering 52,905 ETH tokens worth around $209 million from Lido Finance. . According to on-chain data, this large withdrawal was part of a stash of ETH that Sun allegedly accumulated between February and August 2024.
Spot On Chain revealed that the total amount of Ethereum Sun purchased during this period amounted to 392,474 ETH tokens, with a value of $1.19 billion. All of these tokens were purchased via three wallet addresses at an average price of $3,027. The total profit Tron founders have now earned since their purchase is up to $349 million, a 29% increase from the purchase price.
Source:X
Interestingly, on October 24th, Sun de-sked a large amount of 80,251 ETH tokens worth over $131 million from Lido Finance. Four days later, he transferred the entire amount to Binance, the world's largest cryptocurrency exchange. This notable move came just before the price of Ethereum plummeted 5% in mid-October, potentially resulting in losses for Sun.
Source:X
Naturally, this is not the first time Sun has scrapped Ethereum. Spot On Chain revealed earlier this month that the Tron founder had liquidated his Ethereum holdings during the market rally.
In November, Sun deposited 19,000 ETH worth $60.83 million on cryptocurrency exchange HTX. Additionally, he transferred 29,920 ETH worth $119.7 million back to HTX after the price rose above $4,000 over the past week. These are just some of the trades Tron founders have made with ETH over the past month.
Given Sun's history of large asset fluctuations, further declines could impact the already fragile Ethereum market. Nevertheless, the question still remains whether Tron's founders will continue with their Ethereum dumping activities.
Will Ethereum price crash?
Although Sun has not publicly commented on recent large Ethereum withdrawals, the size and timing of these transactions could pose a problem for the altcoin's future trajectory. Historically, large-scale ETH liquidations have caused price crashes due to increased selling pressure.
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With Ethereum price still volatile and aiming for a stronger bull market, further large-scale ETH sell-offs could exacerbate market volatility, especially if other investors or whales follow suit. there is. Ethereum's price seems to be doing well so far, rising more than 7% in the past seven days and surging 28% in the last month, according to CoinMarketCap.
ETH price tries to create support at $4,000 | Source: ETHUSDT on Tradingview.com
Featured image created by Dall.E, chart on Tradingview.com
