fbpx

Justin Sun Joins Whales Dumping Ethereum, Trades $600 Million ETH in December

Following Ethereum’s drop below $4,000, a wave of whales (holding above 1,000 ETH) have proceeded to dump the world’s second-largest cryptocurrency. 

With Ethereum trading under $3,800, a new report disclosed that whale wallets holding more than 1,000 ETH (or $3.92 million) has dropped by nearly 5% this year.

Justin Sun Joins the Ether Whale Dump Party

Justin Sun, the founder of TRON, who has one of the largest known Ethereum wallets, has been seen dumping his ETH holdings in 2021. 

According to analytics firm Wu Blockchain, since the start of December, Sun has sold 165,989 ETH – approximately $592 million in a series of Ether transactions to Binance. 

According to a post shared by Colin Wu, the founder of Tron did not sell his Ethereum holding for personal profit. Instead, Colin Wu reported that the transactions were made from internal deployment wallets that were not used to profit.

Justin Sun has also clarified the reason for the transactions. According to Sun, the transactions were part of an “internal deployment of wallets and had nothing to do with Ethereum or Tron.”

Even after selling $600 million in Ether, Sun’s wallet address still holds more than $2 billion in ETH. After leaving the TRON Foundation, Justin Sun started his new career path as a crypto diplomat for Grenada, a small Caribbean nation.

On the Flipside

Why You Should Care

There is a diverse view on the future of Ethereum. While some whales are trading off their Ethereum, some others are increasing their stakes.

EMAIL NEWSLETTER

Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

    You can always unsubscribe with just 1 click.

    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

    Rate This Article
    In order to improve, we give you the opportunity to rate DailyCoin content
    Author

    Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.