Justin Sun, a prominent figure in the crypto industry and founder of TRON, has dismissed rumours regarding the liquidation of Ethereum (ETH) by his accounts.
Addressing concerns, Sun clarified that the recent movement of Ethereum was merely an internal wallet transfer and not an indication of sell-offs. He emphasized his long-term bullish outlook on Ethereum, aiming to reassure traders amidst market volatility.
Ethereum’s Price Actions
The clarification comes as Ethereum is trading at $3,390.35, down by over 15% in the past week. The global crypto market capitalization currently stands at $408.05 billion, reflecting the bearish sentiment prevalent across the market. Despite this, Sun’s statement is a strong message to ETH holders about his commitment to the ecosystem.
Also Read: Justin Sun Touts TRX as ‘Next XRP’ After XRP Token Makes Massive Monthly Gains Increasing By 344%
This is not the first time Justin Sun has had to address liquidation rumours. Earlier in August 2024, Sun took to X (Twitter) to dispel similar concerns, where he was accused of triggering an ETH price drop through alleged liquidations.
On-chain data from that time validated his claims, confirming that Sun had not sold the significant amount of Ethereum he had accumulated since February 2024.
Recently, Sun has been at the centre of attention for various high-profile moves. Named one of CoinDesk’s “Most Influential in Crypto 2024,” his activities often spark speculation and debates within the crypto community.
Earlier in December, Sun made headlines when he withdrew 52,905 ETH, equivalent to $209 million at that time, through an application to Lido Finance. While this was perceived by some as a profit-driven decision, Sun’s continued declarations of confidence in Ethereum suggest a strategic approach rather than short-term profiteering.
Sun as the Influential Person
Sun’s actions have often been scrutinized, given his reputation for stirring discussions with publicity stunts. However, his reaffirmation of trust in Ethereum highlights the platform’s integral role in the broader crypto ecosystem. Ethereum’s position as a leading blockchain for dApps, DeFi protocols, and NFTs underscores its importance to long-term investors like Sun.
The rumours around Ethereum sell-offs arose during a time of market unease, with significant price drops contributing to investor anxiety. However, Sun’s consistent support of Ethereum and its ecosystem seeks to bolster confidence among traders and institutional investors.
As Ethereum continues to navigate market challenges, statements from influential figures like Justin Sun hold weight.
Also Read: Tron (TRX) Surges Over 80% As Justin Sun Calls It The “Next XRP,” Market Cap Surpasses $30 Billion