A large whale address, which previously offloaded significant amounts of SUN, has sold another $1 million worth of the token within the past two hours.

This latest sale caused the price of SUN to drop by nearly 3%, bringing it down to $0.02461.

This address, responsible for previous major sales, continues to influence the market, sparking concern among investors.

Notably, Justin Sun, founder of the TRON network, clarified that this wallet does not belong to him.

However, the whale’s previous sales have had a significant impact on SUN’s price. Since the last time this address sold SUN, the token has plunged 32%, dropping from $0.03633 to the current level of $0.02461.

Same Address Sold Off $1.18 Million Worth Of SUN 

On August 25, the same address sold $1.18 million worth of SUN on the blockchain. The following day, another $1.68 million worth of tokens were sold from the same wallet. These heavy sales have applied downward pressure on the token, reflecting the market’s sensitivity to large movements by whale addresses.

Despite these consistent sales, the whale address still holds a substantial amount of SUN—approximately 26.04 million tokens, valued at $640,000. The continued presence of such a large holding suggests that further sales could lead to additional price declines, as traders watch closely for any future moves by this address.

The recurring large sales from this whale have sparked a wave of uncertainty among SUN investors, raising questions about the long-term stability of the token’s price. For now, the market remains on edge, awaiting the next potential shift.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: burdyak/123RF // Image Effects by Colorcinch