Tron Founder Justin Sun Moves Large Amounts of Ethereum

Tron (TRX) founder Justin Sun has been moving a significant portion of his Ethereum (ETH) holdings in recent weeks, sparking intrigue among the crypto investing community.

In a period of one month, Sun has transferred a total of 137,325 ETH, equivalent to approximately $225 million, to different staking platforms and exchanges.

In a recent move, Justin Sun transferred 4,500 ETH, worth an estimated $6.96 million, from the Huobi platform to the Lido staking platform.

This action caught the attention of the crypto community as it suggests a considerable decrease in their Ethereum portfolio.

Additionally, Sun requested the withdrawal of 80,251 ETH, valued at $132 million, and plans to transfer them to Lido.

In addition to these transfers, Sun also deposited a significant amount of ETH on the popular Binance exchange, specifically 43,000 ETH worth $70 million. To add to the questions in the market, Sun has staked 5,000 ETH, equivalent to $7.87 million, on the Lido platform.

Plans to Liquidate Ethereum to Enter Lido Strongly?

Sun’s constant movement with his Ethereum holdings has led some investors to wonder if he is in the process of completely eliminating his ETH stake. This concern lies in the fear that a massive sell-off of their ETH could result in a sharp drop in the price of the crypto.

The community is watching these actions closely, and analysts are debating the possible impact on the market.

According to several market analysts, Ethereum is in a critical demand zone and a daily close below $1,530 could signal a significant correction in the price of ETH.

Ethereum has experienced an increase of approximately 22% in its price in the last year, consolidating its position in the cryptocurrency market with a market dominance hovering around 17.2%.

The crypto community is looking forward to the evolution of the situation and how it could affect both Ethereum and Lido in the short and long term.