Rumors about the founder of Tron (TRX) Justin Sun selling Ethereum emerged after large fund transfer transactions amid the price decline, however, he quickly clarified that these were just internal wallet transfers. He still holds a large amount of ETH and believes in the long-term potential of this currency.
Sun had to face rumors that he had sold a large amount of Ethereum (ETH). These rumors began to spread after data showed some transactions involving large fund transfers from wallets associated with him.
The timing of these transactions coincided with the recent Ethereum price decline, leading many to believe that Sun was selling his ETH.
The issue arose when Justin Sun was said to have transferred around $143 million worth of Ethereum, equivalent to 39,999 ETH, to the HTX exchange. These transactions took place immediately after the Ethereum price dropped below $4,000 and continued to decline to $3,127.
However, Sun explained that he did not sell his Ethereum, affirming that these transactions were just internal wallet transfers and stating that he still believes in the long-term potential of Ethereum, despite the price decline.
Although he has made some fund transfer transactions, Sun still holds around 42,904 ETH, worth approximately $139 million.
Ethereum has recently experienced significant price volatility. After reaching the $4,000 level, ETH price dropped to $3,127, but has since recovered to $3,472. The trading volume of ETH is currently at $22.9 billion, recording a slight decrease. Analysts believe that Ethereum could see a strong recovery, with some technical models suggesting that the price could rise back above $4,000.
Analyst Javon Marks has identified the "Adam & Eve double bottom" pattern, which he believes could push the Ethereum price above $4,000 and potentially reach $4,800 in the near term.
Despite the price fluctuations, Ethereum continues to play a crucial role in the blockchain world. With its strong position as a platform for decentralized applications (dApps) and ongoing technological advancements, Ethereum remains an indispensable part of the cryptocurrency ecosystem. Sun's support for Ethereum reflects his optimism about its future growth and success.
Justin Sun's explanation of the fund transfer transactions has helped allay investors' concerns and reaffirm his support for Ethereum. Sun's prompt response demonstrates the importance of clear communication in maintaining market confidence.
While the rumors about Justin Sun selling ETH may have caused some disruption, Ethereum continues to evolve and develop strongly.
Disclaimer: This article is for informational purposes only and not investment advice. Investors should do their own research before making decisions. We are not responsible for your investment decisions.
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