Why TRON Founder’s 166K ETH Deposit Remains On Binance
A Wu blockchain data has revealed that Justin Sun deposited 166K ETH on Binance earlier this month, but the ETH hasn’t been sold yet.
Is He Not Selling Again?
Even though many assumed that the reason Sun made that ETH deposit on Binance was to sell, Collins Wu has revealed that his reason was different. Wu disclosed that Sun transferred those ETH from other wallets that no longer served any profitable purpose.
Data on the chain shows that Justin Sun, the founder of TRON, has frequently deposited ETH into Binance since December, with a total deposit of approximately 165,989 ETH (592 million U.S. dollars). pic.twitter.com/8xKyf8Q72b
— Wu Blockchain (@WuBlockchain) December 29, 2021
Wu’s assertion contradicts many industry experts’ claims that Sun is about to exit the blockchain industry for good and sell his crypto holdings. The TRON founder clarified that he still believes in the blockchain industry, and he will keep promoting it till it becomes globally accepted.
— 孙宇晨🌞 (@sunyuchentron) December 29, 2021
Sun’s huge Ether deposit on Binance was a source of suspicion that he might probably be leaving the industry. The TRON founder also came out to debunk any speculation regarding the reason for the transaction. Sun’s submission aligns with Wu blockchain’s discovery.
Sun’s New Adventure
Sun established TRON out of the need for a faster processing time than Ethereum. Hence, many touted the TRON blockchain as a possible Ethereum killer – an affirmation that hasn’t come to reality yet.
However, recently, Sun announced his departure from TRON, stating that he has set a new phase for his career. He would now work as a Grenada diplomat on cryptocurrency matters. Sun had had several running battles with Chinese financial regulators but remained unscathed.
ETH Price Action After The Transaction
Despite the massive worth of the ETH transaction, it didn’t have a significant impact on the ETH price. Trading volume on ETH only rose by about 17%. A TradingView data reveals that ETH’s price remains 23% short of its peak price, which it set last month.
Ether value has been declining by an average of 11% following the price correction going on in the broader crypto market in recent days. Yesterday, a temporary surge in the general crypto market saw ETH gain about 7.5% to trade at $3.72K. But ETH currently exchanges hands at $3.69 as the crypto market turned bearish again before the close of yesterday’s trading sessions.
ETH remains in consolidation after losing its crucial $4K support during this downturn period. The top ten coins and most mid-cap coins declined by single-digit percentages. The two notable exceptions are ALGORAND and NEAR tokens which gained 9.4% and 13% over the last 24 hours.
ETH Generated Better ROI Than BTC In 2021
As the year gradually winds down, analysts have reflected on investment gains between BTC and ETH. They agreed that ETH generated better ROI than BTC as it performed better than the leading cryptocurrency in the year under review.
A keynote of this better performance was the breakout on the ETH/BTC pair. Also, ETH posted a better YTD performance than BTC, surging by nearly 510%. In contrast, BTC only surged by almost 98%. It is the first time in five years that the performance of the top two digital assets has been widely apart.