The post Crypto Relief on the Horizon: Justin Sun Announces $1 Billion Fund Amid Market Crash appeared first on Coinpedia Fintech News
Following the heavy crypto sell-off in the last 24 hours that resulted in the forced liquidation of more than $1 billion from leveraged traders, Justin Sun, the founder of the Tron (TRX) network, has announced a relief plan. In an X announcement, Sun announced that he has set aside $1 billion to ensure the continued growth and development of the crypto and web3 industry.
“We should reject FUD and keep building. That’s why we’re creating a $1 billion fund to combat FUD, invest more, and provide liquidity,” Sun noted.
Justin Sun on Fire
As the crypto industry followed major global stock indexes in heavy selloffs, the Ethereum market registered significant high liquidations, with more than $353 million rekt in the past 24 hours. Consequently, rumors of Justin Sun’s forced liquidation significantly increased on Monday.
However, Sun demystified the rumors as false since he rarely engages in leveraged trading. The crypto billionaire noted that he opts to engage in staking, running nodes, working on projects, and helping project teams provide liquidity.
Instead, on-chain data shows that Sun’s crypto portfolio has suffered unrealized losses of nearly $300 million.
Since Feb 8, 2024, Sun has accumulated 377,590 $ETH, worth about $1.15 billion, through 3 wallets.
How much did your portfolio drop today?Justin Sun took a hit of ~$280M as #Ethereum nosedived by 20%!Since Feb 8, 2024, he reportedly accumulated 377,590 $ETH (est. cost: $1.15B) via 3 wallets. But now $ETH is trading well below his average buying price of $3,051!Still,… https://t.co/B7GAzQEiyM pic.twitter.com/6vAzRGR85N
— Spot On Chain (@spotonchain) August 5, 2024
Bigger Picture
The crypto market has entered the final correction mode before the ultimate parabolic rally, which is believed to happen later this year or early next year. Furthermore, the crypto industry has grown to encompass institutional investors through spot Ether and Bitcoin ETFs in different jurisdictions.
Brrrrrrr…
— Nayib Bukele (@nayibbukele) August 5, 2024
According to El-Salvador’s president, Nayib Bukele, the upcoming Fed interest rate cut guarantees Bitcoin’s rebound.
