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Justin Sun Suggests Strategy to Push Ethereum’s Price to $10K
Justin Sun, the founder of Tron, has unveiled a plan that could potentially push Ethereum’s price up to $10,000. In a recent post on X, he outlined his strategy for managing the Ethereum Foundation (EF) and the network.
According to Sun’s proposal, the first step would be to immediately halt ETH sales by the EF, at least for three years. Instead of selling the token, the foundation would rely on AAVE lending, staking yields, and stablecoin borrowing to fund its operations. This move would preserve ETH’s supply, allowing it to maintain its deflationary trajectory and boost market confidence.
The Tron founder also suggested imposing higher taxes on Ethereum Layer 2 projects, generating $5 billion annually. He proposed using this collected revenue to repurchase ETH and burn it in a decentralized manner, further reducing the token’s supply and increasing its value.
Furthermore, Sun recommended downsizing the EF staff, retaining only the most capable individuals and offering significant salary increases as an incentive. He believes this merit-based approach would enhance efficiency and align the organization’s efforts with tangible results.
To reinforce Ethereum’s deflationary model, Justin suggested cutting node rewards and prioritizing fee-burning mechanisms. He claims that these adjustments would solidify the network’s reputation as a store of value.
Lastly, he emphasized the need to concentrate all resources on Layer 1 development. Sun believes that prioritizing scalability, security, and adoption at this foundational level could lead to significant growth for Ethereum.
Justin concludes that with these decisive actions, ETH is poised to break the $4,500 mark within the first week of the new year and potentially reach $10,000 in the long run.
This plan comes as Ethereum faces criticism over its underperformance during the current bull market. The token has struggled to keep pace with other leading altcoins, leaving many investors frustrated. A recent Santiment report linked this underperformance to community reproach of Vitalik Buterin for selling large amounts of ETH, which some view as a lack of confidence in the token’s future.
Despite this negative sentiment, Santiment noted that the current wave of negativity could signal a turning point. Markets often move against prevailing sentiment, and analysis suggests that ETH might finally break past the $4,000 mark if frustrated retail traders sell their holdings to long-term investors.
Source: cryptopotato.com
