Tron network founder, Justin Sun, may be on course for another round of Ethereum dump after applying to unlock a substantial amount of ETH on Monday.
Ethereum has shown remarkable recovery in the past week amidst a bullish uptick to the $4,000 price mark. The altcoin king had been a contrarian play for most of the year but recently gained bullish momentum.
However, a new development has raised skepticism within the Ethereum community. Just when the market was relieved from the Ethereum Foundation and co-founder Vitalik Buterin’s incessant dumps, Justin Sun might be looking to carry out his own sales.
Sun Plans Ethereum Dump
On-chain tracker Spotonchain drew the crypto community’s attention to Sun’s latest attempt to unlock his staked Ethereum. The platform confirmed that the HTX exchange advisor applied to Lido Finance to unstake 52,905 ETH.
Justin Sun (@justinsuntron) applied to withdraw 52,905 $ETH (now $209M) from #LidoFinance an hour ago.
This is part of the net 392,474 $ETH he allegedly bought at ~$3,027 ($1.19B) via 3 wallets from Feb-Aug, now having an est. total profit of $349M (+29%).
Note that on Oct 4,… https://t.co/r5z7l8YSUq pic.twitter.com/GAalq1imjO
— Spot On Chain (@spotonchain) December 16, 2024
Spotonchain buttressed that the $209 million worth of Ethereum is a portion of the 392,474 ETH that Sun allegedly acquired between February and August. Notably, the founder reportedly bought the ETH stash at an average cost of $3,027 per coin, realizing a 29% ($349 million) profit at the current market price.
Meanwhile, the recent development has sparked market observers’ curiosity about the implications of Sun’s incessant Ethereum sales. The withdrawal came a few days after Sun sent 29,920 ETH ($120 million) to HTX as Ethereum neared the $4,000 price level.
In the meantime, Ethereum has maintained bullish momentum, briefly trading above $4,000 today before a slight consolidation. The second-largest cryptocurrency by market cap trades at $3,942, up 2.2% in the past 24 hours.
Profit-Taking Sun
Notably, Ethereum is not the only crypto asset that Sun is looking to dump. Data confirms that the Tron founder is also depositing Eigen to HTX for a possible sale.
Spotonchain shows that Sun moved 198,380 EIGEN, worth $964,000, to HTX on Monday. Meanwhile, the exchange’s advisor has dumped 9.37 billion EIGEN ($37.3 million) since October 1, profiting massively from the asset’s over 100% monthly performance.
At press time, EIGEN trades at $5.13, up 10% in the past 24 hours.
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