Tron creator Justin Sun is actively selling off Ethereum, triggering market price declines. This article examines the circumstances and implications of this sale.
Justin Sun's ETH Sale
According to Spot On Chain, Justin Sun has sold off 39,999 ETH worth $143 million through liquid staking platforms EtherFi and Lido Finance, later transferring the entire sum to HTX. Since November, Sun has sent 108,919 ETH at an average price of $3,674, aligning with price peaks.
Current Ethereum Status
Amid past sales and a price drop below $3,500, investors' sentiment is pessimistic. Buyers lack confidence in the growth, with experts forecasting a potential price decrease to $2800 before recovery.
Crypto Market Implications
Justin Sun’s Ethereum sell-off has exerted pressure on the cryptocurrency market, breeding investor distrust and provoking further price decline. The crypto market remains in a state of uncertainty.
Justin Sun’s active ETH sales significantly influence the cryptocurrency market, exacerbating the current crisis and eroding investor confidence.
