{"id":29121,"date":"2024-12-17T15:00:39","date_gmt":"2024-12-17T15:00:39","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=29121"},"modified":"2024-12-17T15:00:39","modified_gmt":"2024-12-17T15:00:39","slug":"ethereum-price-crash-incoming-trons-justin-sun-unstakes-209-million-eth-from-lido-finance","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=29121","title":{"rendered":"Ethereum Price Crash Incoming? Tron\u2019s Justin Sun Unstakes $209 Million ETH From Lido Finance"},"content":{"rendered":"

The Ethereum price could face some turbulence, as Justin Sun<\/a>, the founder of Tron (TRX), has unstaked a whopping $209 million from Lido Finance, a liquid decentralized staking platform for Ethereum. Compared to top cryptocurrencies like Bitcoin (BTC) and Dogecoin (DOGE)<\/a>, the Ethereum price has had a relatively muted performance, skyrocketing to $4,000 before consolidating and struggling to move higher. With the possibility of more sell-offs, Ethereum could see its price crashing down<\/a> if Sun decides to dump more coins.\u00a0<\/p>\n

Justin Sun Dumps ETH<\/h2>\n

New reports<\/a> from Spot On Chain, an AI-driven crypto platform, revealed that Sun recently applied to withdraw a staggering 52,905 ETH tokens worth about $209 million from Lido Finance<\/a>. According to the on-chain data, this massive withdrawal was part of the ETH stash Sun allegedly accumulated between February and August 2024.<\/p>\n

Spot On Chain has revealed that the total amount of Ethereum Sun bought<\/a> within this period amounted to 392,474 ETH tokens, valued at $1.19 billion. All of these tokens were purchased via three wallet addresses at an average price of $3,027. Presently, the total profit the Tron founder has acquired since his purchase is up to $349 million, representing a 29% increase from its purchasing price.\u00a0<\/p>\n

Interestingly, on October 24, Sun had unstaked a massive 80,251 ETH tokens, worth over $131 million, from Lido Finance. Four days later, he transferred the entire amount to Binance<\/a>, the world\u2019s largest crypto exchange. This notable move took place just before the price of Ethereum had dropped sharply by 5% in mid-October, which could have resulted in a loss for Sun<\/a>.<\/p>\n

Unsurprisingly, this is not the first time Sun has dumped Ethereum. Spot On Chain revealed earlier this month that the Tron Founder had been cashing in his Ethereum holdings<\/a> during the market rally.\u00a0<\/p>\n

In November, Sun deposited<\/a> 19,000 ETH worth $60.83 million to HTX, a crypto exchange. Additionally, he transferred<\/a> 29,920 ETH valued at $119.7 million to HTX again after its price surpassed $4,000 over the past week. These are just a few transactions the Tron founder has made with ETH over the past month.<\/p>\n

Given Sun\u2019s history of large-scale asset movements, further sell-offs could impact the already fragile Ethereum market. Nevertheless, the lingering question remains whether the Tron founder will continue his Ethereum dumping spree<\/a>.<\/p>\n

Ethereum Price Crash Ahead?<\/h2>\n

While Sun has not publicly commented on his recent large-scale Ethereum withdrawals<\/a>, the size and timing of these transactions could pose a problem for the altcoin\u2019s future trajectory. Historically, large ETH liquidations have triggered a price crash due to increasing selling pressures<\/a>.<\/p>\n

With the price of Ethereum still unstable and aiming for a stronger upward rally<\/a>, further large-scale ETH dumps could exacerbate market volatility, especially if other investors or whales follow suit. For now, the price of Ethereum seems to be performing well<\/a>, recording a more than 7% increase in the last seven days and a 28% surge over the past month, according to CoinMarketCap.<\/p>","protected":false},"excerpt":{"rendered":"

The Ethereum price could face some turbulence, as Justin Sun, the founder of Tron (TRX), has unstaked a whopping $209 million from Lido Finance, a liquid decentralized staking platform for Ethereum. Compared to top cryptocurrencies like Bitcoin (BTC) and Dogecoin (DOGE), the Ethereum price has had a relatively muted performance, skyrocketing to $4,000 before consolidating […]<\/p>\n","protected":false},"author":0,"featured_media":29122,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-29121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/29121"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=29121"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/29121\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/29122"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29121"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}