Justin Sun, the visionary founder of Altcoin Tron (TRX) and one of the leading names in the crypto industry, is on the stage again. Accordingly, it continues to make headlines with the strategic decisions it makes. Despite his long-standing success in the crypto industry, Sun appears to be increasing his involvement in various crypto projects. So how did this participation reflect on Ethereum? Did it make a positive contribution to the price? Let’s look at the details.
Sun’s latest altcoin effort
Recently, an important post came from the blockchain data security platform PeckShieldAlert. Accordingly, it reported a significant transaction involving Justin Sun. According to the platform, Sun purchased the altcoin Ethereum (ETH) from the HTX exchange, where he serves as a senior advisor.
#PeckShieldAlert #JustinSun-labeled address has received 4.5K $ETH (~$7m) from #Huobi and staked them on #Lido pic.twitter.com/ThzqqL03q5
— PeckShieldAlert (@PeckShieldAlert) October 11, 2023
Ethereum (ETH), a leading altcoin, is experiencing bearish movements compared to Bitcoin (BTC). However, it continues to attract the attention of leading names in the crypto space. Justin Sun’s moves never seem to end.
Justin Sun’s Ethereum purchase
As revealed by PeckShieldAlert, an altcoin Ethereum address associated with Justin Sun made a notable transaction. Sun purchased 4.5 thousand ETH from Huobi, with a total value of approximately $7 million. He also later staked these tokens on Lido.
The strategic move of Justin Sun and crypto figures who buy and stake Ethereum attracts attention. Accordingly, the altcoin can potentially contribute to the revitalization of the Ethereum market. Ethereum is struggling with its price compared to Bitcoin. On the other hand, the interest and investments of industry leaders like Sun can play a very important role in shaping its future.
Does the decision affect the price?
Justin Sun’s decision to pursue Ethereum is in line with his reputation for making prudent and strategic investments in the crypto space. As the market dynamics of altcoin Ethereum evolve, it will be interesting to observe how Sun’s actions, along with those of other major crypto players, impact the broader cryptocurrency landscape.
When we look at Kriptokoin.com, the cryptocurrency community follows these developments. Especially such significant investments in Ethereum attract attention. Additionally, investors will continue to closely monitor the potential impact of stakeholder engagement. When we look at the altcoin ETH price after Sun’s move, we see that there is no significant change. Accordingly, while writing the article, ETH price is traded at 1575 dollars. Let’s also point out that the price fell below the $1,600 level, which is an important support level.
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