On December 23, rumors circulated that Justin Sun, the founder of the Tron (TRX) network, had sold huge amounts of Ethereum (ETH). This news reinforced bearish sentiment in the crypto market, which was already under pressure. Sun has now responded and completely denied the rumors.
Sun responds to rumors
In a recent statement, Justin Sun said the transactions were nothing more than transfers to different wallets. He emphasized that he is still very bullish on Ethereum’s long-term prospects. On-chain data confirms that the amounts were significant: Sun moved no less than 108,919 ETH, worth $400 million, to the crypto exchange HTX since November 10. The transactions took place at an average price of $3,674.
The reason behind these transfers remains unclear. Some analysts speculate that this involves internal restructuring, while others suspect that Sun still wants to sell the tokens to take advantage of the current market volatility.
Whales remain bullish on Ethereum
While the ETH price is currently just below $3,400, the lowest level since late November, whale activity offers hope. During the recent price correction, several whales collectively purchased 340,000 ETH, with a total value of over $1 billion.
According to on-chain analyst Ali Martinez, whales holding 10,000 to 100,000 ETH have increased their combined balance from 25.02 million to 26.36 million ETH. These purchases took place over a period of four days. Although this appears to have little impact on the price in the short term, it is seen as a positive signal that these wealthy investors have confidence in the long term of Ethereum.
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Source: https://newsbit.nl/justin-sun-ontkent-geruchten-over-massale-ethereum-verkoop/
