Justin Sun Denies Rumors His Trading Activities Influenced the Recent Ethereum Price Drop or the Crypto Market Fall

Justin Sun, founder of the Tron blockchain and owner of Poloniex and Huobi, has refuted circulating rumors. He stated that his trading activities did not influence the recent Ethereum price drop or the crypto market fall.

Justin Sun, the founder of Tron blockchain and owner of Poloniex and Huobi, has refuted circulating rumors. He stated that his trading activities did not influence the recent Ethereum price drop or the crypto market fall.

Crypto Market Volatility Still Strong

Taking to X (previously Twitter), Sun stated that he has not sold a single Ethereum since February to dispel speculations that his liquidations were the cause of the cryptocurrency’s downturn.

According to the on-chain analysis account @spotonchain, there was no transaction detected on the Ethereum address belonging to Sun in the said period.

How much did your portfolio drop today?

Justin Sun took a hit of ~$280M as #Ethereum nosedived by 20%!

Since Feb 8, 2024, he reportedly accumulated 377,590 $ETH (est. cost: $1.15B) via 3 wallets. But now $ETH is trading well below his average buying price of $3,051!

Still,… https://t.Co/B7GAzQEiyM pic.twitter.com/6vAzRGR85N

Despite Sun’s denial, Ethereum experienced a drop, falling below the $2,300 mark. This downturn reflects broader market trends where significant withdrawals and liquidations have been noted.

At the time of this writing, Ethereum has undergone a substantial change in the 24-hour price change according to the data from CoinMarketCap. The cryptocurrency began the day at $2,831 but dropped to around $2,200 during the day then partially recovered some of the losses trading at $2,439. This is a 13.87% decrease in the last day.

Accompanying this price movement, Ethereum’s trading volume surged by 305.15%, reaching $69.04 billion. This indicates the heightened market activity within the day.

Vitalik Buterin Sells Neiro Holdings

Neiro tokens also made the news after the co-founder of Ethereum, Vitalik Buterin, liquidated all his tokens. Neiro developers airdropped 17.15 billion tokens to Buterin and he swapped them for 44.53 ETH on Uniswap V2, worth $112,448.

This substantial move led to a temporary dip in Neiro’s market price, although the cryptocurrency later experienced a recovery, gaining over 15% shortly after.

The Neiro team has responded to Buterin’s action with a public appeal for him to at least consider donating some of the proceeds to a shelter for stray dogs. They expressed their gratitude for Buterin’s contribution and standing in the crypto world.

At the same time, the team clarified that giving tokens to him was not intended to influence the project’s reputation. However, it was part of a larger airdrop carried out by the original developer of the project.

Aave Capitalizes Amid Market Volatility

Aave, a leading DeFi platform, has been able to capitalize on the market volatility, especially in the context of high volatility and liquidations. The platform generated $6 million in revenue from on-chain liquidations during the decline of the crypto market.

Aave Protocol withstood market stress across 14 active markets on various L1s and L2s, securing $21B worth of value.

Aave Treasury was rewarded with $6M in revenue overnight from decentralized liquidations for keeping the markets safe.

This is why building DeFi is FTW.

Aave’s strategy involved liquidating many positions, including a $74 million WETH position that generated $802,000 in income. This approach highlights Aave’s ability to adapt to market conditions and utilize them to support its earning streams.

The cryptocurrency market remains sensitive to the actions of key individuals and other macroeconomic factors. These events highlight the interconnectedness of individual trading behavior, investors’ sentiments, and the technology’s resilience in the market landscape.

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