Justin Sun Deposits $762M Worth of ETH to Lido, Kelp DAO in 7 Hours

Justin Sun Deposits $762M Worth of ETH to Lido, Kelp DAO in 7 Hours

According to on-chain analytics firm AmmberCN, an address associated with Tron (TRX) founder Justin Sun deposited 146,110 ETH (worth $561 million) to liquid staking platform Lido (LDO) and 52,315 ETH (worth $201 million) to Ethereum restaking protocol Kelp DAO in the last 7 hours. This substantial investment in Ethereum staking platforms signifies Sun's continued bullish stance on the future of Ethereum. Notably, the deposits were made in two separate transactions, with 146,110 ETH being sent to Lido (LDO) and 52,315 ETH being sent to Kelp DAO. This move by Justin Sun is likely to have a positive impact on the demand for ETH, as more investors are likely to stake their ETH on these platforms in anticipation of potential rewards. As a result, the price of ETH could potentially see an uptick in the coming days. It's worth noting that Justin Sun is a prominent figure in the cryptocurrency industry and his investment in Lido (LDO) and Kelp DAO is a strong indication of his confidence in the growth potential of these platforms. This investment could also serve as a catalyst for other investors to consider staking their ETH on these platforms, further boosting the demand for ETH. Overall, this move by Justin Sun is a positive sign for the Ethereum ecosystem and could have implications for the price of ETH in the near term.