The last few weeks have been eventful for the market of Etheureum, the second largest crypto on the market. The asset particularly underperformed, losing a substantial part of its valuation in the process. These rather negative trends have not stopped certain individual investors like Tron boss Justin Sun from buying more ether (ETH).
Justin Sun became the largest individual holder of the crypto ETH
Recently, Vitalik Buterin, the co-founder of Ethereum shook the crypto sphere by getting rid of his ETH assets. The operation particularly attracted the attention of users, sparking speculation about the reasons for such a transaction.
Another enigmatic player in the industry is in the spotlight. This is Justin Sun, the CEO of the crypto platform Tron, who, according to the latest news, has seen his status evolve. The boss would now be largest individual holder of ETH.
Analysis of the movements of two crypto wallets associated with Justin Sun shows that the latter currently holds 282,796 ETH. Total assets valued at $449 million, hosted on Lido. It is a crypto platform mainly focused on ETH staking.
In view of this development, a question seems to arise. How did the boss of Tron manage to change his status, becoming the largest individual holder of ETH in the process?
When strategic choices pay off
If Justin Sun now stands out as the largest individual holder of ETH, it is mainly thanks to his activities on Lido. At the start of 2023, the crypto company integrated a new staking functionality into its platform.
This is the Staking Rate Limit. The option allows users to cap the amount of staked ether (StETH) that can be minted at any time. A choice which depends on the deposits made during the previous 24 hours.
It was thanks to Lido’s Staking Rate Limit that Justin Sun was able to explode the value of his ETH holdings. On Wednesday October 4, the boss initiated a withdrawal of 19,999 ETH out of more than 150,000 ETH staked on the Lido.
The withdrawn assets, valued at $32.4 million, Justin Sun later redirected to the popular crypto exchange Binance. This approach suggests the possibility for Sun to liquidate some of its ETH assets in the near future.
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