As a seasoned crypto investor with over a decade of experience navigating the volatile digital asset market, I find Justin Sun’s recent move to create a $1 billion fund to combat FUD both intriguing and commendable. Despite his reported losses of nearly $300 million due to recent market turbulence, Sun remains unfazed and is doubling down on his commitment to the industry.
Despite losing approximately $300 million, TRON’s creator Justin Sun remains undeterred, as he has vowed to invest a billion dollars to counteract negative speculation (FUD).
Justin Sun, creator of the TRON network, recently declared the establishment of a $1 billion fund aimed at counteracting negative sentiment (FUD) following recent market volatility that resulted in substantial losses. In a post on August 5th, he addressed his followers with confidence, stating that despite this temporary market instability, the industry has seen considerable growth over the past year and the current fluctuations are not indicative of unfavorable news.
“Let’s disregard fear, uncertainty, and doubt (FUD) and continue constructing. To strengthen our resolve against FUD, we are establishing a one-billion-dollar fund for increased investment and offering liquidity.”
Justin Sun
According to the findings from X account Spot on Chain’s latest report, it was disclosed that Sun suffered an estimated loss of around $280 million as a result of Ethereum‘s recent 20% drop in value.
As a seasoned investor who has weathered numerous market fluctuations over the years, I can tell you that today was not a good day for my portfolio, particularly when it comes to Ethereum. After carefully analyzing the market trends and making strategic investments in this cryptocurrency since February 8, 2024, I had accumulated approximately 377,590 ETH at an estimated cost of $1.15 billion. However, today’s nosedive of 20% has left me with a staggering loss of around $280 million.— Spot On Chain (@spotonchain) August 5, 2024
Starting from February, it’s said that Sun has reportedly acquired approximately 377,500 Ether (ETH) at an estimated total cost of about $1.15 billion across three different wallets. Given that Ethereum’s current trading price is significantly lower than the average purchase price of $3,051 per ETH, Sun’s holdings have experienced a substantial decrease in value, according to the account.
“We rarely engage in leveraged trading”
Despite the stock market’s decline, whispers arose suggesting that Sun had gone out of business. However, the creator of TRON swiftly dismissed these claims, stating that their associates seldom employ high-leverage trading tactics as they feel these strategies don’t substantially contribute to the industry’s growth.
Rather than participating in actions that don’t directly aid the industry or entrepreneurs, our preference is to focus on activities like investing (staking), managing networks (running nodes), contributing to initiatives (working on projects), and assisting project teams in facilitating market fluidity (providing liquidity).
Justin Sun
On previous occasions, the Sun has been known to generate headlines with significant announcements. For example, in early July, when the German government was liquidating thousands of seized Bitcoins, Sun openly expressed his readiness for negotiations regarding a direct purchase to minimize market disruption. However, despite this statement, Bitcoin’s value dropped below $55,000, and it is uncertain whether Sun actually interacted with the German authorities about this matter.
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2024-08-05 14:24