Justin Sun, founder of Tron, was seen in the que to withdraw 52,905 ETH worth approximately $209 million from Lido Finance as per Spot on Chain. The withdrawal has sparked a sense of curiosity within the community, who question the intentions of the founder and the impact on Ethereum’s price.
Justin Sun (@justinsuntron) applied to withdraw 52,905 $ETH (now $209M) from #LidoFinance an hour ago.
This is part of the net 392,474 $ETH he allegedly bought at ~$3,027 ($1.19B) via 3 wallets from Feb-Aug, now having an est. total profit of $349M (+29%).
Note that on Oct 4,… https://t.co/r5z7l8YSUq pic.twitter.com/GAalq1imjO
— Spot On Chain (@spotonchain) December 16, 2024
According to the tweet, this transaction is a part of much larger activity involving 392,474 ETH, which Sun alleged acquired between February and August 2023 through three wallets. These purchases were made at an average price of $3,027 per ETH, amounting to $1.19 billion. Price fluctuations have been observed since then and Sun currently holds a profit of approximately $349 million.
Previous Moves
Justin Sun, in October 2023 withdrew 80,251 ETH valued at approximately $131 million from Lido Finance. In a span of four days, those withdrawn ETH were sent to Binance. This move led to a 5% drop in the ETH price by mid-October and hence with the current move, the community feels, could also lead to price drop.
Will Justin Sun Dump More ETH?
Advertisement
Some of the community members believe that Sun may offload his holdings and that could lead to a dip in the price of the ETH, whereas others believe that Sun might be investing these ETHs or may use them for strategic staking opportunities.
At press time, the price of ETH token stands at $3,950.35 with a surge of 2.2% in the last 24 hours.
Whether Justin Sun liquidates the withdrawn ETH or not remains a subject of debate, but for now, the community members will track down every move by Justin Sun as his moves will affect the broader market trends.
Advertisement
Also Read: Ripple CTO Warns Against Early FOMO as RLUSD Stablecoin Nears Launch
