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ZyCrypto 2025-01-22 21:29:19

Can Ether Hit $10,000? Tron Founder Boldly Says Yes, But On These Specific Conditions

Can Ether Hit $10,000? Tron Founder Boldly Says Yes, But On These Specific Conditions

The overall crypto market was experiencing some selling pressure on Wednesday after President Donald Trump’s second day in office, which went without the new commander-in-chief mentioning crypto despite the industry’s anticipation that he’d establish a strategic Bitcoin reserve on day one. Amid this price drop, controversial Tron founder Justin Sun has laid out an epic plan to propel Ethereum’s native token, Ether, toward the $10,000 mark — if he were in charge. Justin Sun Proposes Ambitious Strategy To Send ETH To $10,000 In a Jan. 22 post on X, Justin Sun highlighted the “ETH to $10,000” plan he would execute if the Ethereum Foundation (EF) and Ether were under his leadership. If EF and Ethereum Were Under My Leadership “ #ETH to $10,000” My First Week Plan 1. Halt ETH Sales immediately and Optimize Revenue EF will immediately cease selling ETH for at least three years. Operational costs will be covered through AAVE lending, staking yields, and… — H.E. Justin Sun (@justinsuntron) January 22, 2025 For starters, Sun said he would pause ETH sales during the first week to “optimize revenue”. As for the Ethereum Foundation, Sun suggested that it would stop selling its ETH for at least three years, with the non-profit’s operation costs being covered through “AAVE lending, staking yields, and stablecoin borrowing.” This would ensure that the ETH supply remained untouched and intact, which would definitely align with the goals of making ETH deflationary and bolstering investors’ confidence in the coin. The next step Sun would take to achieve the $10,000 ETH target would entail heavily taxing all layer-2 solutions to ensure Ethereum generates at least $5 billion per year in taxes. The Ethereum Foundation can use these proceeds to repurchase ETH and burn it in fully decentralized ways. Justin Sun’s third action would specifically involve the EF. He advocated for substantial staff reductions at the foundation while increasing salaries for the remaining team members. As such, the Ethereum Foundation would be turned into a “purely merit-based system that rewards performance and results.” ETH Would Hit $4,500 Within First Week Of Sun’s Plan Reducing node rewards and improving fee-burning mechanisms are also part of the strategy, which Sun believes would maintain deflationary pressure on ETH supply. The move would also boost Ether’s standing as a store of value. The final step focuses on redirecting resources to focus exclusively on Ethereum core layer 1 development, prioritizing scalability, security, and adoption, as per Sun. The Tron creator speculates that these changes could drive ETH prices past $4,500 within the first week of implementation, and then the second most valuable crypto would eventually smash the long-desired $10,000 milestone. Recently, ETH changed hands at $3,242, falling 5.6% over the past seven days.

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