Tron Founder Justin Sun Is Dumping Ethereum, Holders Worry Whether Prices Will Fall

Tron (TRX) founder Justin Sun transferred 4,500 ETH (worth $6.96 million) from the Huobi exchange and staked it on the Lido platform.

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In the last week, Sun applied to withdraw 80,251 ETH (worth $132 million) and transfer it to Lido, based on Crypto tracker, Lookonchain data. The cryptocurrency entrepreneur has already taken 43K ETH (worth $70 million) and deposited the tokens to Binance.

Separately, Sun staked 5,000 ETH (worth $7.87 million) into Lido.

This step concerned ETH holders whether Sun is underway to eliminate his complete ETH stake, which could lead to a sharp price drop in the token.

Read More: Ethereum Decreases More Than 3% Within 24 hours

Lookonchain data shows that 1,000 ETH (worth $1.64 million) has been deposited on the crypto exchange Bitstamp. It is also tracking the movement of a crypto address associated with Ethereum co-creator Vitalik Buterin.

Of the total 137,325 ETH withdrawals by Sun in the past month, the Lido platform saw staking of 90,070 ETH (worth $146 million). This clearly marks Sun’s confidence in the value of staking assets on Lido.

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In the past year, Ethereum prices have seen a 22.1% surge while its market cap dominance stands at 17.2%.

Crypto analyst Ali Martinez posted on Twitter, “Ethereum is hovering above a critical demand zone. Keep a close watch, as a daily close below $1,530 could signal a steep correction ahead for ETH.”

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