Ethereum Sees Green as Tron’s Justin Sun Hints at Buying 52,900 ETH – What’s Next?
- According to a report by Spot On Chain has revealed that Justin Sun has applied to withdraw 52,905 ETH, valued at approximately $209 million, from Lido Finance.
- Justin Sun’s strategic move has sparked speculation about its potential impact on Ethereum’s price, which is nearing the $4,000 mark.
Justin Sun, Tron’s Founder, has been a prominent figure in the cryptocurrency. Notably, Sun has made headlines concerning Ethereum due to his significant investments in Ethereum. Recent developments have revealed that Tron founder Justin Sun hinted at acquiring 52,900 ETH.
In the same vein, following the revelation, Ethereum’s native token, ETH, edges closer to the $4,000 mark. At the time of press, ETH is swapping hands with $3,952.55 after registering a 2.38% surge in the past 24 hours. Additionally, the asset has surged by 2.20% and 26.61% surge in the past week and month respectively.
Justin Sun’s 53K ETH Acquisition Plan
A report released by Spot On Chain has revealed that Justin Sun has applied to withdraw 52,905 ETH, valued at approximately $209 million, from Lido Finance. Justin Sun’s acquiring plan is part of Sun’s broader accumulation of 392,474 ETH, reportedly acquired for around $1.19 billion between February and August this year. With an estimated profit of $349 million, Sun’s return on investment (ROI) for Ethereum stands at an impressive 29%.
Interestingly, this accumulation follows Sun’s recent sale of 29,920 ETH, worth $119.7 million, which he moved to the HTX exchange as Ethereum surpassed the $4,000 threshold as we reported. This dual strategy of selling and now potentially re-entering the market has left investors speculating on his broader intentions.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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