Justin Sun, founder of decentralized blockchain platform Tron (TRX), has addressed allegations regarding his sale of Ethereum (ETH), following on-chain data that revealed large deposits to HTX over the past month.

Rumors emerged that Sun had sold his Ethereum holdings following significant transfers during a price decline. In response, Sun clarified on X that the transfers were merely wallet-to-wallet movements.

Sun transferred 39,999 ETH, valued at approximately $143 million, to HTX shortly after Ethereum’s price fell below $4,000, dropping to $3,127.

The speculation that Sun may have sold his ETH holdings raised concerns, as large sales could potentially harm market sentiment and lead to a price drop. Given Ethereum’s recent performance in the crypto market, there are growing concerns about the possibility of a further price decline.

In his post, Sun reaffirmed his confidence in Ethereum’s future. He currently holds approximately 42,904 ETH, valued at about $139 million. Since November 10, Sun has reportedly transferred over 108,919 ETH to HTX, averaging a price of $3,674 per transaction, typically during periods of high market prices.

Over the past seven days, Ethereum’s price decreased from the $4,000 level it recently reached in the ongoing bull run. ETH plunged to as low as $3,127 in earlier trading, triggering anxieties among investors that it could slip below the $3,000 support level. 

As of the latest data from CoinMarketCap, ETH trades at $3,491.72, marking a 2.81% increase in the past 24 hours. 

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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.