Tron Founder Justin Sun Owns 665K ETH, Sparking Debate

Tron founder Justin Sun’s $2.5 billion Ethereum holdings have raised concerns regarding his strategy and ETH price impact.

Tron founder Justin Sun owns $2.5 billion in Ethereum, indicating his rising confidence in the second-largest cryptocurrency by market capitalization. 

In the crypto community, his recent purchasing spree and the current Ethereum price rally have sparked extensive debates regarding his strategic manoeuvres and their potential market repercussions.

Justin Sun’s Ethereum Accumulation

Justin Sun’s Ethereum holdings have risen to 665,000 ETH, worth around $2.447 billion. 

In a recent post, EmberCN expounded upon his acquisition strategy, emphasizing several noteworthy purchases. 

Notably, between late 2023 and April 2024, Sun purchased 390,000 ETH for around $1.435 billion, with an average price of $2,984 per ETH.

Meanwhile, his purchasing binge encompassed several noteworthy transactions. 

Between December 26, 2023, and January 5, 2024, he withdrew 17,883 ETH from centralized exchanges (CEX) for $40.45 million at an average price of $2,262. 

From February 8 to February 25, he purchased 173,863 ETH at an average price of $2,869 concurrently using the address 0x7a9‒095 and on-chain purchases for $525.24 million. 

From April 1 to the 25th, he acquired 176,117 ETH through on-chain purchases and Binance withdrawals for $552 million, or an average of $3,138. 

Finally, he withdrew 22,316 ETH from Binance between April 27 and April 29, valued at $72.38 million, at an average price of $3,244.

Conversely, the enormous amount of Ethereum that Justin Sun has amassed has not gone unnoticed. 

The individual has strategically allocated his holdings, staking 417,000 ETH across multiple platforms and storing 247,000 ETH in wallets. 

In particular, he has distributed the following amounts of ETH: 215,217 ETH to EigenLayer, 120,139 ETH to Swell, 58,558 ETH to Puffer, 23,225 ETH to Lido, and 454 ETH to Etherfi.

Market Impacts and Future Prospects

The magnitude of Justin Sun’s Ethereum possessions has generated extensive discourse regarding his investment approach and the ramifications it may have on the cryptocurrency market. 

The investor’s unwavering belief in Ethereum indicates a more widespread pattern among institutional and high-net-worth investors eager to exploit its prospects for sustained expansion.

Significant market cycles and technological developments within the Ethereum network occur concurrently with the timeline of Justin Sun’s purchases. 

With the ongoing development of Ethereum, including enhancements and heightened acceptance in decentralized finance (DeFi) and non-fungible tokens (NFTs), Sun’s significant investment has the potential to impact market dynamics and investor sentiment.

Additionally, Justin Sun’s astute investment in staking platforms such as EigenLayer and Lido demonstrates his conviction regarding Ethereum’s enduring worth and practicality. 

Engaging in staking activities not only contributes to the network’s upkeep but also yields rewards, thereby augmenting the profitability of his holdings.

Ethereum’s recent upswing has particularly captured the attention of investors. 

At the moment of writing, the price of Ethereum had increased by 18.53% to $3,655.80, with its one-day trading volume reaching $37.54 billion, a 245.18% surge. 

Notably, the rally coincides with rising probabilities that the SEC will approve the Spot Ethereum ETF.