Justin Sun refutes Ethereum sell-off allegations, emphasizing long-term confidence in Ethereum despite market pressures. The founder of TRON (TRX), Justin Sun, has addressed a recent report that he sold off his Ethereum holdings, which were valued at $3,490. The Ethereum market was alarmed when reports surfaced that Sun had sold off a sizable portion of its ETH holdings earlier on Monday. However, Sun has refuted those allegations. On his X (previously Twitter) account, he clarified that the reported transactions were just wallet-to-wallet transfers and shouldn’t raise any red flags.
Remember how Sun sold off half of his Ethereum earlier over the previous week? Market watchers were alarmed by the transactions, estimated to be worth $143 million. Ethereum’s continued difficulties, including a 17% decline in price during that time, fueled the flames of speculation.
Sun’s Continued Support for Ethereum
Sun’s public statement reassures investors despite the ongoing price pressures on Ethereum. His steadfast support for Ethereum highlights his belief in the cryptocurrency’s long-term potential, and his backing serves as a reminder that, in his opinion, Ethereum’s future remains promising despite current market challenges.
Sun’s explanation of the Ethereum sell-off rumours and his continued optimism for the Ethereum ecosystem provide stability amid the ongoing market difficulties. His remarks also help to allay investor concerns and bolster confidence in Ethereum’s future growth.
ETH Transfer Explained
His argument paints a different picture, even though many have noted a sell-off tendency among several significant holdings, including Sun. Online rumours that we are liquidating ETH are untrue. This is just an ETH transfer between our various wallets. We are still optimistic about the Ethereum ecosystem in the long run.
ETH Under Pressure
As previously mentioned in this article, Ethereum may be suffering due to the timing of these rumours. That is, while its price is still having trouble staying stable. ETH has been declining slowly after failing to break the $4,000 barrier mark, just recently rising 2.91% in the last day. However, it is still down 0.70% on the 30-day chart and 14.8% on the seven-day chart. ETH is trading at $3,404 as of this writing.
Notably, there are still concerns regarding the token’s immediate future. However, Sun’s statement that his belief in Ethereum’s long-term future has not wavered gives it hope and optimism. His backing would significantly increase Ethereum’s potential despite its continuous difficulties, as he is a well-known player in the cryptocurrency industry.
Also Read: Justin Sun Sells $143 Million in Ethereum Amid Decline
In Summary
In summary, TRON founder Justin Sun has addressed recent speculation regarding the sale. Ethereum Holding claimed that the transactions were just wallet-to-wallet transfers rather than a sell-off. Sun maintains optimism over the Ethereum ecosystem’s long-term prospects despite market concerns, including a 17% decline in the cryptocurrency’s price. Even though Ethereum’s price is still under pressure, Sun’s unwavering support could reassure and bolster investors’ confidence by highlighting his faith in the cryptocurrency’s potential.
