Is Justin Sun Planning Another 52,905 Ethereum Dump? Heres What We Know
Tron network founder, Justin Sun, may be on course for another round of Ethereum dump after applying to unlock a substantial amount of ETH on Monday.Ethereum has shown remarkable recovery in the past week amidst a bullish uptick to the $4,000 price mark. The altcoin king had been a contrarian play for most of the year but recently gained bullish momentum.However, a new development has raised skepticism within the Ethereum community. Just when the market was relieved from the Ethereum Foundation and co-founder Vitalik Buterin's incessant dumps, Justin Sun might be looking to carry out his own sales.Sun Plans Ethereum DumpOn-chain tracker Spotonchain drew the crypto communitys attention to Suns latest attempt to unlock his staked Ethereum. The platform confirmed that the HTX exchange advisor applied to Lido Finance to unstake 52,905 ETH.https://twitter.com/spotonchain/status/1868522021594030142Spotonchain buttressed that the $209 million worth of Ethereum is a portion of the 392,474 ETH that Sun allegedly acquired between February and August. Notably, the founder reportedly bought the ETH stash at an average cost of $3,027 per coin, realizing a 29% ($349 million) profit at the current market price.Meanwhile, the recent development has sparked market observers' curiosity about the implications of Suns incessant Ethereum sales. The withdrawal came a few days after Sun sent 29,920 ETH ($120 million) to HTX as Ethereum neared the $4,000 price level.In the meantime, Ethereum has maintained bullish momentum, briefly trading above $4,000 today before a slight consolidation. The second-largest cryptocurrency by market cap trades at $3,942, up 2.2% in the past 24 hours.Profit-Taking SunNotably, Ethereum is not the only crypto asset that Sun is looking to dump. Data confirms that the Tron founder is also depositing Eigen to HTX for a possible sale.Spotonchain shows that Sun moved 198,380 EIGEN, worth $964,000, to HTX on Monday. Meanwhile, the exchanges advisor has dumped 9.37 billion EIGEN ($37.3 million) since October 1, profiting massively from the assets over 100% monthly performance.At press time, EIGEN trades at $5.13, up 10% in the past 24 hours.
Text source: The Crypto Basic
