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Home»Ethereum»Ethereum Price Crash Incoming? Tron’s Justin Sun Unstakes $209 Million ETH From Lido Finance
Ethereum

Ethereum Price Crash Incoming? Tron’s Justin Sun Unstakes $209 Million ETH From Lido Finance

December 18, 2024No Comments2 Mins Read
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The recent actions of Justin Sun, the founder of Tron (TRX), have raised concerns about the stability of the Ethereum price. Sun recently unstaked a significant amount of Ethereum from Lido Finance, a decentralized staking platform, totaling $209 million. This move has sparked fears of more sell-offs, potentially causing a crash in the Ethereum price.

According to reports from Spot On Chain, Sun withdrew 52,905 ETH tokens worth $209 million from Lido Finance, part of the 392,474 ETH tokens he accumulated between February and August 2024. Sun purchased these tokens at an average price of $3,027, with a current profit of $349 million, representing a 29% increase from the purchasing price.

In a previous instance, Sun unstaked 80,251 ETH tokens worth over $131 million from Lido Finance and transferred them to Binance, just before a sharp 5% drop in the Ethereum price in mid-October. This move indicates Sun’s tendency to cash in on his Ethereum holdings during market rallies.

Further transactions revealed that Sun deposited 19,000 ETH worth $60.83 million and transferred 29,920 ETH valued at $119.7 million to HTX, a crypto exchange, after the price of Ethereum surpassed $4,000 in the past week. These actions, combined with Sun’s history of large-scale asset movements, raise concerns about the Ethereum market’s stability.

The market is watching closely to see if Sun will continue his Ethereum dumping spree, as further sell-offs could have a significant impact on Ethereum’s price. Large ETH liquidations in the past have triggered price crashes due to increasing selling pressures, and investors are wary of a potential downturn in the market.

See also  These Two Bearish Scenarios Put Solana Price At $162 After Fakeout

Despite the uncertainty surrounding Sun’s actions, the price of Ethereum has shown resilience, recording a more than 7% increase in the last seven days and a 28% surge over the past month, according to CoinMarketCap. However, the market remains volatile, and any further large-scale ETH dumps could exacerbate this volatility, potentially leading to a price crash in the future.

In conclusion, the Ethereum price faces potential turbulence as a result of Justin Sun’s recent actions. While the market remains uncertain, investors are advised to stay vigilant and monitor developments closely to make informed decisions about their investments in Ethereum.

Crash ETH Ethereum Finance Incoming Justin Lido Million Price SUN Trons Unstakes
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