Despite investors dumping their Ethereum holdings amid price drops, Tron founder Justin Sun remains steadfast. Instead of following suit, he plans to strengthen ties with Ethereum blockchain developers.
Justin Sun has confirmed that he has no plans to offload his Ethereum holdings despite the drop in the price of the top altcoin. In a post on X, the founder of Tron stated that with the current low price of ETH, the Tron Foundation is not considering divesting its holdings.
“The price of ETH is currently low, but we have no intention to sell our ETH holdings,” said Justin Sun.
While the Tron Foundation has not publicly disclosed the amount of its Ethereum holdings, speculations suggest that the organization holds a significant amount of the cryptocurrency. Estimates indicate that Justin Sun himself holds approximately 665,000 ETH, worth nearly one billion dollars at the current price.
Despite the decrease in the value of his Ethereum holdings, which fell from highs of around $2.5 billion, the founder of Tron remains firm in his decision to hold onto his ETH.
In addition to his decision to hold onto his ETH holdings, Justin Sun revealed that Tron would seek to deepen its collaboration with the Ethereum network. In the future, Tron plans to explore more opportunities to collaborate with Ethereum developers and other key stakeholders.
“Tron will continue to seek opportunities to collaborate with more Ethereum developers and build our industry together,” added Justin Sun.
His comments come after a series of community suggestions aimed at improving the performance of Ethereum’s price. While the Tron founder did not provide more details, the planned collaboration is expected to boost activity within the ecosystem.
This is not the first time Justin Sun has shown support for Ethereum. The Tron founder had previously unveiled a strategy to push the ETH price to $10,000. His plan involved halting ETH sales by the Ethereum Foundation for three years and taxing layer 2 protocols.
At the time of writing, the Ethereum price is trading at $1,581, after dropping 46% over the past 12 months. Some argue that Ethereum’s price has hit bottom and positive US job data could push it to $2,000. Charts also show bullish signals, with ETH trading above a resistance trendline, hinting at a potential run-up to $4,800.
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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