Recent rumors of Ethereum sales by Tron founder Justin Sun sparked discussions in the crypto community. However, Sun clarified that the transfers were internal, reaffirming his confidence in Ethereum's future.
Rumors and Transfers
Rumors that Justin Sun offloaded a large amount of Ethereum started after data showed massive transfers from wallets connected to him, coinciding with Ethereum’s price dip. Reports indicated that Sun moved $143 million worth of Ethereum, or 39,999 ETH, to HTX shortly after Ethereum dropped below $4,000.
Ethereum Price Movements
Ethereum’s price has recently been volatile. After hitting $4,000, it fell to $3,127, later rebounding to $3,453.04. Analysts suggest Ethereum might recover well, predicting potential price increases with certain patterns observed.
Reactions and Clarifications
Justin Sun clarified in his post that he did not sell Ethereum but was merely moving funds between his wallets. He retains approximately 42,904 ETH. Sun reaffirmed his belief in Ethereum’s long-term potential, improving market sentiment despite the recent price drop.
Although the rumors about Justin Sun selling his Ethereum holdings caused concern, the clarification of internal transfers and his support of the platform helped restore investor confidence.
