TRON Founder Denies Selling Ethereum Holdings Amid Market Speculation
Justin Sun, founder of TRON (TRX), responded to reports of selling his Ethereum holdings. Recent news suggested he liquidated a significant amount of ETH, causing concern in the Ethereum market.
Sun denied these claims, stating on X (formerly Twitter) that the transactions reported were wallet-to-wallet movements and should not raise alarm.
Coinspeaker reported earlier that blockchain analytics firm Spot On Chain indicated Sun sold 50% of his remaining ETH over the past week, valued at approximately $143 million, which heightened market fears.
Additionally, Ethereum's price dropped 17% during this period, adding to the speculation surrounding its stability.
TRON Founder Labels Transfers as Routine, Stays Bullish on Ethereum Ecosystem
Despite perceived sell-off trends among major holders like Sun, his comments suggest otherwise. His post stated:
“The rumours circulating online about us liquidating ETH are false. This is simply a transfer of ETH between our different wallets. We remain long-term bullish on the Ethereum ecosystem.”
ETH Under Pressure
The timing of these speculations may negatively impact Ethereum, as its price struggles for stability.
After failing to surpass the $4,000 resistance level, ETH has been declining, recently gaining 2.91% in one day but remaining down 14.8% over the past week and 0.70% over the last 30 days. Currently, ETH is trading at $3,404.
Concerns linger regarding the token’s near-term outlook. However, Sun's confidence in its long-term potential offers some optimism for Ethereum amidst its challenges.