TRON Founder and Exchange Transfer Affected These 2 Altcoins!

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The cryptocurrency market comes up with new developments every day. Two important events that have attracted attention recently are Tron founder Justin Sun’s big staking move and Hong Kong-based cryptocurrency exchange HashKey’s multi-million dollar altcoin sales. Here are the details…

TRON founder increases staking power

Justin Sun unstaking $258 million worth of staked ETH (stETH) tokens from Lido and moved them to EigenLayer. This move makes Sun one of the largest holders of staked ETH in the crypto market. EigenLayer is a middleware platform that allows ETH retakers to stake their ETH across multiple protocols. This platform offers greater security and scalability through data access, decentralized sequencers, lightweight node bridges, and other features.

Although the exact reason behind Sun’s move is unknown, some experts suggest the following:

  • Greater Security and Scalability: Sun may be looking to take advantage of the security and scalability offered by Ethereum’s proof-of-stake network by moving its ETH to EigenLayer.
  • Leveraging DeFi Protocols: Sun may be looking to take advantage of the liquidity and rewards offered by EigenLayer and other DeFi protocols.

Million dollar altcoin sale from HashKey

Hong Kong-based cryptocurrency exchange HashKey became a hot topic by selling Pendle (PENDLE) token worth $2.19 million to Binance. HashKey acquired PENDLE from November 2022 to September 2023. While the exact reason behind HashKey’s sell-off is unknown, some experts suggest the following:

  • Taking Profit: HashKey may have wanted to profit from PENDLE’s recent rise.
  • Risk Management: HashKey may have sold PENDLE to diversify its portfolio and reduce its risk.
Review Shock to Giant Crypto Exchange: Under Investigation!

The sale of HashKey caused a 6.5% drop in the PENDLE price. Recently, many institutional investors have been exiting the cryptocurrency market. This leads to a general downward trend in the market. Justin Sun’s staking move and HashKey’s altcoin sale are two important examples of the latest developments in the cryptocurrency market. These developments show the volatility in the market and the risk perception of investors.

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