Michaela
Justin Sun, founder of decentralized blockchain platform Tron (TRX), has addressed allegations regarding his sale of Ethereum (ETH), following on-chain data that revealed large deposits to HTX over the past month.
Rumors emerged that Sun had sold his Ethereum holdings following significant transfers during a price decline. In response, Sun clarified on X that the transfers were merely wallet-to-wallet movements.
Sun transferred 39,999 ETH, valued at approximately $143 million, to HTX shortly after Ethereum’s price fell below $4,000, dropping to $3,127.
The speculation that Sun may have sold his ETH holdings raised concerns, as large sales could potentially harm market sentiment and lead to a price drop. Given Ethereum’s recent performance in the crypto market, there are growing concerns about the possibility of a further price decline.
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In his post, Sun reaffirmed his confidence in Ethereum’s future. He currently holds approximately 42,904 ETH, valued at about $139 million. Since November 10, Sun has reportedly transferred over 108,919 ETH to HTX, averaging a price of $3,674 per transaction, typically during periods of high market prices.
Over the past seven days, Ethereum’s price decreased from the $4,000 level it recently reached in the ongoing bull run. ETH plunged to as low as $3,127 in earlier trading, triggering anxieties among investors that it could slip below the $3,000 support level.
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As of the latest data from CoinMarketCap, ETH trades at $3,491.72, marking a 2.81% increase in the past 24 hours.
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MICHAELA
Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.
