Ethereum Resurgence: TRON Founder Justin Sun Goes On 127,388 ETH Buying Spree
23 Aprile 2024 - 4:00PM
NEWSBTC
The second-largest crypto token by market cap, Ethereum (ETH),
looks set to make a massive market recovery following recent buys
suspected to be made by Tron’s founder, Justin Sun. Sun’s
accumulation spree again highlights crypto whales’ recent
bullishness on Ethereum despite fluctuating prices. Sun
Allegedly Buys $405 Million Worth Of ETH In an X (formerly Twitter)
post, the on-chain analytics platform Lookonchain drew the crypto
community’s attention to a mysterious wallet suspected to belong to
Justin Sun. This wallet is said to have bought 127,388 ETH ($405.19
million) from Binance and decentralized exchanges (DEXs) since
April 8 at an average price of $3,127. Related Reading:
Brazil Wants BTC: 7,400 Bitcoin Futures Contracts Created On First
Day Of Trading Source: Etherscan Meanwhile, Lookonchain tried to
prove further its theory that this wallet likely belonged to Justin
Sun. The platform alluded to a previous tweet mentioning that a
suspected Justin Sun wallet bought 168,369 ETH at $2,894 from
Binance and a DEX between February 12 and 24. It noted that the
“transaction behavior” of both wallets was similar, which suggests
that they are both likely owned by Justin Sun. If indeed both
wallets are owned by Justin Sun, that means the Tron founder has
accumulated 295,757 ETH ($891 million) at an average price of
$3,014 since February 12. Like every whale activity, Sun’s alleged
transactions have caught the crypto community’s attention, with
many wondering why he is gaining so much exposure to the
second-largest crypto token. Ethereum Whales Are Bullish
Sun’s actions highlighted the bullish sentiment that Ethereum
whales have towards the crypto token despite its recent
unimpressive price action. Bitcoinist recently reported about an
Ethereum whale who, despite already losing $4.5 million, opened
another long position on the second-largest crypto token.
Related Reading: Crypto Analyst Predicts Cardano Recovery After ABC
Wave Completion, Here’s The Target This whale also borrowed 17.3
million USDT just to increase their exposure to the crypto token.
In a recent X post, Lookonchain again highlighted how Ethereum
whales are still making bullish moves in the market. On-chain data
shows a fresh wallet (0x9EB0) that withdrew 7,182 ETH ($23.06
million) from Binance, which suggests long-term holding by this
whale. Another wallet (0x1958) withdrew 5,181 ETH ($16.28
million) from Binance and put their ETH holdings to work by staking
it into Bedrock and Pendle while anticipating further price gains
in the crypto token. Such bullish sentiment towards Ethereum could
be good for ETH’s price as whales are known to have a significant
impact on a token’s price discovery. It could also prove crucial
during this period when Ethereum is experiencing declining network
growth, which means that the rate at which new users come into the
ecosystem has slowed. At the time of writing, Ethereum is
trading at around $3,170, down over 1% in the last 24 hours,
according to data from CoinMarketCap. ETH price moves toward
$3,200 | Source: ETHUSDT on Tradingview.com Featured image from
Bitcoin News, chart from Tradingview.com
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