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Reading: Justin Sun’s Bold Ethereum Move Shakes the Market
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Deythere > News > Crypto > Justin Sun’s Bold Ethereum Move Shakes the Market
CryptoMarketNews

Justin Sun’s Bold Ethereum Move Shakes the Market

depicting Justin Suns significant Ethereum move featuring a glowing Ethereum logo alongside stacks of cryptocurrency
Milena Volodina
Last updated: December 16, 2024 9:55 am
By
Milena Volodina
Published December 16, 2024
2 Min Read
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Justin Sun, the founder of Tron (TRX), has made waves in the cryptocurrency market by initiating the withdrawal of 52,905 ETH (valued at $209 million) through Lido Finance. This amount forms part of the 392,474 ETH purchased between February and August 2023 at an average price of $3,027 per token. Sun’s strategic acquisitions have yielded a remarkable $349 million profit, representing a 29% gain.

Contents
Sun’s History with Lido FinanceImpact of Strategic Trades on the Market

Sun’s History with Lido Finance

Justin Sun has previously captured attention with similar moves involving Lido Finance. On October 4, 2023, he unstaked 80,251 ETH (then valued at $131 million) and transferred it to Binance. This transaction occurred shortly before Ethereum’s price dropped by 5%, fueling speculation about Sun’s ability to anticipate and react to market shifts.

Justin Sun Ethereum ETH

Impact of Strategic Trades on the Market

Sun’s purchase of 392,474 ETH for approximately $1.19 billion during February and August aligns with market trends and highlights his strategic foresight. With current prices reflecting a 29% gain, Sun’s actions underscore his prowess in leveraging market dynamics for profit.

These significant ETH movements have the potential to stir volatility in the Ethereum market, often referred to as the “altcoin king.” Market participants are closely analyzing the potential ripple effects of these transactions, particularly as the withdrawals progress. However, the full impact of Sun’s moves will likely become clearer after the completion of the withdrawal process.

Dey There will continue to monitor developments surrounding Justin Sun’s actions and their implications for the cryptocurrency market.

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TAGGED:Cryptocurrency marketEthereumJustin SunLido Finance

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ByMilena Volodina
Milena Volodina is a blockchain strategist and cryptocurrency expert with 9 years of experience in the industry. With a background in finance and technology, Milena has worked on numerous blockchain projects, including the development of decentralized finance (DeFi) platforms and blockchain-based financial services. Her expertise in both the technical and financial aspects of blockchain technology allows her to provide a comprehensive view of the industry. At DT NEWS, Milena offers readers expert analysis and insights into the latest trends and innovations in the blockchain and cryptocurrency world, ensuring they stay informed about key developments.
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