Justin Sun Moves Ethereum, Sparking Selloff Speculation

Justin Sun, the founder of Tron DAO, has stirred speculation in the crypto world by withdrawing a substantial amount of Ethereum (ETH) from staking and moving it to Poloniex, a major cryptocurrency exchange.

This action has led to predictions of a possible significant selloff.

Sun recently unstaked 1,768 ETH, valued at around $5.9 million, according to Peck Shield Alert. He then transferred 810 ETH, worth about $2.7 million, to Poloniex.

This move follows a notable price drop in early July, when Ethereum fell by 10%, impacting the global crypto market cap and leading to a significant loss for Sun.

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Between February and June 2024, Sun acquired a large volume of Ethereum, totaling 361,137 ETH. His investments were made at various prices, with a notable profit of $58 million just before the July market dip.

However, the sudden decline turned these gains into a $66 million loss as Ethereum’s price dropped below $2,800 before rebounding to above $3,300.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.