Justin Sun Addresses Ethereum Sale Rumors and Confirms Ongoing Support for ETH

Justin Sun, the founder of Tron (TRX), recently addressed rumors about his alleged sale of Ethereum (ETH). This came after reports of large ETH deposits into HTX, sparking speculation about Sun’s actions. Sun explained that these transfers were simply movements between wallets and not a sale of ETH holdings. In fact, he made it clear that he remains optimistic about the future of the Ethereum ecosystem.

Sun moved 39,999 ETH, worth around $143 million, to HTX after Ethereum’s price dipped below $4,000. Concerns arose that Sun’s actions could impact market sentiment and potentially lead to a price decrease. Despite these worries, Sun expressed his confidence in Ethereum’s long-term prospects. He holds approximately 42,904 ETH, valued at about $139 million, and has transferred over 108,919 ETH to HTX since November 10. These transactions occurred at an average price of $3,674 per transaction, usually during periods of high market prices.

Ethereum’s price recently dropped from its peak of $4,000 to as low as $3,127, causing anxiety among investors. However, the latest data from CoinMarketCap shows ETH trading at $3,491.72, marking a 2.81% increase in the past 24 hours. Sun’s reassurance of his support for Ethereum comes at a time when the crypto market is experiencing fluctuations, and investors are closely monitoring price movements.

In summary, Sun’s clarification about the ETH transfers sheds light on recent rumors and emphasizes his ongoing commitment to the Ethereum ecosystem. Investors and crypto enthusiasts will be watching closely to see how Ethereum’s price evolves in the coming days, with Sun’s actions providing valuable insights into market dynamics and sentiment.