- Justin Sun has debunked rumors linking him with an ongoing SUN token selloff.
- SUN declined 35% this week after making a significant rally in the previous week.
- Sun’s statement has boosted SUN price by over 16% in the past few hours.
Tron founder Justin Sun has debunked rumors linking him with an ongoing SUN token sell-off. He took to X (formerly Twitter) to release a strong-worded denial, even challenging those spreading the rumors to sell their SUN holdings to him.
Sun’s initial post, likely targeting the English-speaking X community, used strong language. He followed up with a calmer message in Chinese, clarifying that neither he nor SUN DAO had sold any SUN tokens. The circulated address, he said, wasn’t associated with the official project.
SUN declined by 35% this week after making one of the most significant one-week rallies of its lifetime. The Tron-based DeFi token surged nearly 350% the preceding week before the recent decline. TradingView’s data shows the altcoin fell from $0.04479 to $0.02879 this week.
In the meantime, following Sun’s sell-off denial, SUN appears to have rediscovered its upside momentum. The DeFi token, which opened today’s trading session at $0.030259, has surged over 16%, rallying to $0.035179 at the time of writing, according to data from TradingView. Hence, Sun’s sell-off denial appears to counter the effect of the alleged FUD campaign by those propagating the SUN sell-off rumor.
It is worth noting that SUN launched over four years ago, with the original plan to mimic Bitcoin as a store of value. However, the token shifted its focus after the 2021 crypto market crash, repurposing it as a DeFi token on the Tron network. SUN has a market capitalization of over $364 million, with over 9.95 billion of its over 19.9 billion tokens in circulation, according to data from CoinmarketCap.
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