Justin Sun, the renowned crypto entrepreneur and founder of Tron Blockchain, has once again made waves in the cryptocurrency world with a substantial transfer of Ethereum (ETH) tokens. In a recent transaction, reported by Lookonchain, Sun transferred a staggering 23,000 ETH, equivalent to approximately $43 million, to the popular cryptocurrency exchange Poloniex.
Justin Sun ETH Transfer
The transfer of 23,000 ETH, worth $43 million, adds to Justin Sun‘s impressive track record of moving large amounts of Ethereum to Poloniex. Sun’s ETH balance currently stands at 163.35 ETH, held in the wallet address 0x3DdfA8eC3052539b6C9549F12cEA2C295cfF5296.
In addition to the recent transfer of 23,000 ETH to Poloniex, it is worth highlighting some previous notable transfers made by Justin Sun. One significant transaction occurred in December when Sun sent 6,500 ethers to the same exchange. Coincidentally, following this transfer, the price of Ethereum experienced a drop from $1,350 to approximately $1,151 in the subsequent days.
Another substantial transfer took place on January 25th of this year when Sun moved another 10,000 units of ETH to Poloniex. Over the past year, he has sent a total of 67,500 ETH, amounting to a whopping $126 million, in seven separate transactions.
Also Read: Liquidity Crunch Hits Crypto, Bitcoin and Ethereum Face Buy-Side Decline
Will it Impact Eth Price?
Sun’s transfer may be part of a routine derisking strategy as a long-term holder. Such strategies involve diversifying one’s holdings or reducing exposure to a specific asset. Moreover, it is possible that Sun’s transfer to Poloniex serves a dual purpose, providing liquidity to the exchange while also supporting its operations during a period of decreased liquidity in exchanges.
This transfer comes on the heels of Justin Sun’s withdrawal of $29.7 million worth of ETH from the liquid staking platform Lido Finance last month. Following the withdrawal, Sun promptly sent the tokens to Huobi, another prominent crypto exchange.
In addition to his involvement with Ethereum, Sun has recently made headlines with the announcement of Tron’s foray into the Ethereum blockchain through the innovative BitTorrent bridge. At the press time, the price of Ethereum (ETH) is $1,861.62. The 24-hour low and high for Ethereum are $1,854.06 and $1,876.96, respectively.
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