Justin Sun, the founder of Tron and a prominent cryptocurrency investor, recently denied the on-goin rumors of potential liquidation of his Ethereum (ETH) holdings. On his X post, Sun, emphasized that the recent transactions, which involve 50% of his ETH holdings have just been transferred to internal wallets rather than asset sales.
Market Movements Spark Speculation
According to Binance Square report, in the past seven days, the Tron founder has sold-off 50% of his ETH holdings that has been worth approximately $143 million. The transactions took place right after Ethereum faced rejection at $4,000 mark.
The time at which these transactions were made has led to discussion about Justin Sun’s intention. Some of the community members suggested that this could be a strategy to avoid risk with the current volatile environment, whereas the others saw it as a routine portfolio adjustment by the founder.
Justin Sun’s Reassurance
With Justin Sun’s clarification, there is a possibility that it will bring a sense of relief to the crypto community. This comment may also lead to increased investor interest and this also indicates that big-players such as Sun are committed to Ethereum‘s long-term potential. As a result, there might be reduced volatility in the market and the investors may feel a little secure with whatever they ETH hold.
Ethereum’s Long-Term Outlook
Ethereum’s future looks bright because it is one of the top platform for creating and running decentralized apps, and is one of the important blockchain in the market. The Ethereum blockchain is constantly being updated with new technologies, which makes it more efficient, secure and user-friendly. According to Sun, with such a large support from the community and the advancement in the blockchain, Ethereum is set for long-term growth and success.
At press time, the price of the token stands at #3,398.17 with a surge of 2.2% in the last 24 hours.
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