Justin Sun, Tron Foundation founder, commented on the recent Ethereum price drop. On his X page, the Tron founder asked, “The price of ETH is actually dropping? You can’t be serious. Who’s selling?”
The statement in his X post comes weeks after the founder cleared rumors about him selling a large amount of Ethereum. Sun clarified that he did not sell the tokens but rather transferred them from one wallet to another.
The crypto community speculated Sun had sold the tokens due to the ETH price drop, which saw whales dump ETH. ETH had recorded a drop below $4000 shortly before the transfer.
The rumors began when Sun transferred approximately $143 million worth of Ethereum to HTX. However, the founder assured traders that he still believed ETH had long-term potential despite the price drop. Notably, despite the transfers, the Tron founder still holds approximately 43000 ETH worth over $139 million.
According to CoinMarketCap, ETH price fell by over 3% in 45 minutes on January 16. The plunge was accompanied by increased trading volume, indicating increased selling pressure. The ETH/BTC trading pair also experienced a 3.6% decline between 10:00 am and 10:45 am UTC.
Etherscan On-chain metrics also indicated that the number of transactions over 10,000 ETH had increased, suggesting whale activity had led to the price drop.
The increased trading volume and decline in the asset price highlight a shift in market sentiment. Experts speculate that the shift could be fueled by regulatory concerns or profit-taking motivation. Other trading pairs, such as ETH/BNB, also experienced a price drop within the same time frame.