Tron founder Justin Sun recently disclosed his intention to acquire 53K ETH from Lido, which has caused speculation on the potential impact on Ethereum price.
Justin Sun, the founder of Tron, has recently announced his intention to acquire approximately 53K ETH, which has sparked market speculation. It is important to note that this occurred as the Ethereum price was on the brink of reaching $4,000, with a nearly 2% increase in its last 24-hour value. In addition, it coincides with Sun’s recent substantial ETH selloff, which has prompted investors to express apprehension regarding its potential influence on future asset prices.
Justin Sun, the founder of Tron, intends to accumulate 53,000 ETH
Justin Sun, the founder of Tron, intends to acquire nearly 53,000 ETH, which has sparked market discussions. Notably, this action occurred immediately following Sun’s recent disposal of a substantial quantity of the cryptocurrency, which has sparked speculation regarding its potential influence on the price of Ethereum.
Spot On Chain, the leading on-chain analytics and transaction tracking platform, has reported the most recent development. According to the report, Sun has recently applied to Lido to withdraw 52,905 ETH, estimated to be worth $209 million. 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. This is particularly noteworthy.
In the interim, his current ETH holdings indicated a 29% return on investment (ROI) and an estimated profit of approximately $349 million. It is worth noting that Sun sold 29,920 Ethereum to the HTX exchange last week, at roughly $119.7 million, after the cryptocurrency’s price reached $4,000.
Does it affect the price of Ethereum?
The price of Ethereum (ETH) has increased by more than 2% in the past 24 hours and is currently trading at $3,961. Its one-day trading volume has also increased by 11% to $30.5 billion. The cryptocurrency has achieved a 24-hour high of $4,020 and has experienced a 27% monthly increase. In contrast, the data from CoinGlass indicated that the open interest in ETH futures increased by nearly 5%, indicating a high level of market confidence in the asset.
Nevertheless, Justin Sun’s most recent action has sparked rumors regarding his future actions with his ETH investments. Specifically, a flurry of market experts is deliberating whether Sun will persist in his Ether selling spree, which could affect the price of Ethereum in the future.
In the interim, other Ether market trends are optimistic despite the concerns. Popular crypto market expert Ali Martinez recently stated that ETH whales are on a buying spree as the crypto has soared past the $3,300 mark. This information serves as context. In addition, a recent analysis indicated that the price of ETH could reach the $15K mark soon, which has only intensified market sentiments.
