Ethereum price may face some turbulence as Justin Sunfounder of Tron (TRX), raised an impressive $209 million from Lido Finance, a liquid decentralized Ethereum staking platform. Compared to top cryptocurrencies such as Bitcoin (BTC) and Dogecoin (DOGE)Ethereum’s price was relatively underperforming, rising sharply to $4,000 before consolidating and struggling to grow. Given the possibility of more sales, Ethereum may see its price drop if Sun decides to drop more coins.

Justin Sun abandons ETH

Novel reports from Spot On Chain, an AI-powered crypto platform, revealed that Sun recently submitted a withdrawal request for a staggering 52,905 ETH tokens worth approximately $209 million Lido Finance. According to on-chain data, this massive payout was part of an ETH stash that Sun allegedly accumulated between February and August 2024.

Spot On Chain revealed that the total amount Ethereum Sun bought during this period amounted to 392,474 ETH tokens worth $1.19 billion. All of these tokens were purchased via three wallet addresses at an average price of $3,027. Currently, the total profit that the Tron founder has made since the purchase is a whopping $349 million, which is an augment of 29% over the purchase price.

Interestingly, on October 24, Sun offloaded a whopping 80,251 ETH tokens worth over $131 million from Lido Finance. Four days later, he transferred the entire amount to the account Binancethe world’s largest cryptocurrency exchange. This significant move occurred just before Ethereum’s price plummeted 5% in mid-October, which could have ended with Sun’s defeat.

Unsurprisingly, this isn’t the first time Sun has abandoned Ethereum. Earlier this month, Spot On Chain revealed that it was the founder of Tron by cashing in your Ethereum shares during a market rally.

Sunday in November deposited 19,000 ETH worth $60.83 million to HTX, a cryptocurrency exchange. Plus him transferred 29,920 ETH valued at $119.7 million for HTX again after its price surged above $4,000 over the past week. These are just a few of the transactions that the Tron founder has made with ETH over the past month.

Given Sun’s history of large-scale asset movements, further sell-offs could impact the already brittle Ethereum market. Nevertheless, the question remains whether the founder of Tron will continue his activities Ethereum dumping frenzy.

Ethereum price crash coming?

Although Sun has not publicly commented on his latest statement Gigantic-scale Ethereum withdrawalsthe size and timing of these transactions could pose a problem for the altcoin’s future trajectory. Historically, huge ETH liquidations have caused prices to crash due to growing sales pressure.

Because Ethereum price is still volatile and striving for stronger upward growthfurther large-scale ETH airdrops could augment market volatility, especially if other investors or whales follow suit. For now, Ethereum’s price seems to be this works wellregistering an augment of over 7% in the last seven days and a 28% augment in the last month, according to CoinMarketCap.

Featured image created with Dall.E, chart from Tradingview.com