After a dramatic $1 billion liquidation wave among leveraged crypto traders in the past 24 hours, Justin Sun, the founder of Tron (TRX), has unveiled a major relief initiative.
Sun announced on X that he has allocated $1 billion to support the growth and advancement of the cryptocurrency and Web3 sectors.
This announcement comes amid a broader market decline, with Ethereum experiencing severe sell-offs totaling over $353 million. Rumors circulated that Sun himself was forced to liquidate, but he clarified these claims, emphasizing his preference for staking, node operations, and providing liquidity over leveraged trading.
Despite this, Sun’s crypto holdings have faced significant unrealized losses of nearly $300 million. Since February 8, 2024, he has accumulated approximately 377,590 ETH, valued around $1.15 billion, across three wallets.
As the market undergoes a final correction before a potential major rally, expected later this year or early next, institutional interest in cryptocurrencies, including spot Ethereum and Bitcoin ETFs, continues to grow.
El Salvador’s President Nayib Bukele has also suggested that an impending Federal Reserve interest rate cut could boost Bitcoin’s recovery.
According to crypto analytics firm Santiment, the decentralized oracle network Chainlink (LINK) leads all ERC-20 projects in development activity.
Vice President Kamala Harris, the Democratic candidate for the upcoming presidential election in November, recently spoke at a Wall Street fundraiser where she addressed the cryptocurrency industry for the first time.
Donors from Wall Street, Silicon Valley, and Hollywood played a key role in helping Vice President Kamala Harris’ fundraising efforts in August, giving Democrats a financial advantage over Donald Trump on the cusp of the run-off election.
Pro-XRP attorney John Deaton, who has secured the Republican nomination for a Massachusetts Senate seat, will face off against Democratic Senator Elizabeth Warren in a highly anticipated debate on October 15, 2024.