Whales are notorious for pump-dumping and controlling the market of what they are Whale of, and here Ethereum whale Justin Sun also has his own method of doing things; let's dig into it.

Dumping Ethereum

     TRON founder Justin Sun has dumped a total of 39,999 ETH unstaked from Lido Finance and Etherfi to his exchange HTX in a week. Since November 10, Sun has transferred 108,919 ETH to HTX. Sun will have 42,904 more ETH unstaked from Lido Finance which are almost certain to be dumped to HTX.

Behind the Scene

     Justing is denying, but effects are there. The speed at which Justin is dumping his ETH stash leads me to believe that this is part of Sun's bigger dumping campaign to put pressure on the market and drive down the price of Ethereum. However, understanding the goal of this procedure is hard because Ethereum accounts for the majority of Justin's digital currency holdings.

Big Ethereum goal

     I believe Justin Sun's repeated dumping of Ether serves two purposes: to reduce the market value of ETH and to increase Ethereum liquidity in HTX.

Large dumping puts pressure on the market, causing Ethereum's value to decline. Furthermore, the increased ETH liquidity in HTX provides adequate assets for staking incentives and trade.

The price of ETH has plummeted below the level at which Justin Sun dumped it. Later, Justin can utilise the proceeds from the current ETH sale to purchase additional ETH.

Originally published at Grill, and on Wubits as thread