Justin Sun Clarifies: Did Not Sell Ethereum, Just Transferring Between Wallets
During the price drop, a large transfer sparked rumors that Justin Sun sold Ethereum, but he stated that this was just a transfer between wallets, and he still holds a lot of ETH.
Justin Sun, the head of Tron (TRX), has recently been rumored to have sold a large amount of Ethereum (ETH). This started with a significant sum being transferred out of his wallet, coinciding with the drop in Ethereum's price, leading everyone to speculate whether he sold ETH.
It is said that he transferred 39,999 ETH, worth $143 million, to HTX. Ethereum's price fell from $4,000 to $3,127, and his transfer happened right in the middle of that.
However, Justin Sun stated on social media that he did not sell ETH; it was just a transfer between his wallets, and he is quite optimistic about the long-term development of Ethereum.
He currently still holds 42,904 ETH, worth about $139 million.
Since November 10th, he has already transferred 108,919 ETH to HTX, averaging $3,674 per ETH, all during higher price periods.
Ethereum's price has recently been volatile, dropping from $4,000 to $3,127 and now bouncing back to $3,453.04, with trading volume slightly down to $28.64 billion. However, some analysts say that Ethereum could rise again, with an analyst named Javon Marks mentioning a 'Adam and Eve double bottom pattern', suggesting it could push Ethereum back up to $4,000, and possibly even to $4,800 in the future.
Although prices have fluctuated, Ethereum remains the leader in the blockchain space. It supports decentralized applications (dApps), and the technology continues to advance, making it quite important in the crypto world. Justin Sun's clarification also boosts confidence in him and Ethereum's future.
This clarification is quite important for investor confidence. By directly addressing rumors and expressing his support for Ethereum, the market has stabilized. This highlights that clear communication is key.
Although rumors about Justin Sun selling ETH caused some concern, Ethereum is still progressing steadily.
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