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Justin Sun’s $209M ETH Unstake: Market Eyes on Tron Founder’s Next Move
In a recent development, Justin Sun, the founder of Tron, has withdrawn 52,905 ETH worth approximately $209 million from Lido Finance. This sudden move has sparked curiosity and speculation among the community regarding the intentions behind this withdrawal and its potential impact on Ethereum’s market trends.
According to sources, this transaction is part of a larger activity involving 392,474 ETH that Sun allegedly acquired between February and August 2023 through three wallets. These purchases were made at an average price of $3,027 per ETH, amounting to a staggering $1.19 billion. Notably, the current profit from these transactions stands at approximately $349 million.
It is essential to note that this is not Justin Sun’s first major transaction. In October 2023, he withdrew 80,251 ETH valued at approximately $131 million from Lido Finance and sent it to Binance within a span of four days. This previous move led to a 5% drop in the ETH price by mid-October.
The community is divided on Justin Sun’s potential future actions. Some believe that he may offload his holdings, leading to a dip in the ETH price, while others speculate that he might be investing these ETHs or using them for strategic staking opportunities. At press time, the price of the ETH token stands at $3,950.35 with a surge of 2.2% in the last 24 hours.
The market is keenly observing Justin Sun’s next move, as his actions have historically been known to influence broader market trends.
Source: www.cryptonewsz.com
