Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is showing signs of a significant market rebound. This comes after reports of large purchases made by Tron’s founder, Justin Sun. Sun’s buying spree underscores the optimistic outlook of major crypto investors towards Ethereum, despite its volatile price trends.
Sun Allegedly Buys $405 Million Worth Of ETH
In a recent post on the Lookonchain platform, which was previously known as Twitter, there was a stir in the cryptocurrency community regarding a secretive wallet that is believed to be connected to Justin Sun. This wallet reportedly purchased a significant amount of Ethereum, totaling 127,388 ETH or approximately $405.19 million, from Binance and decentralized exchanges (DEXs) between April 8 and an average price of around $3,127 per Ether.
While Lookonchain continued to argue that the given wallet was Justin Sun’s, they provided additional evidence. They referenced a past tweet revealing a suspected wallet of Justin Sun’s had purchased 168,369 ETH worth $2,894 from Binance and a decentralized exchange within the timeframe of February 12-24. Moreover, they pointed out that the transactions of both wallets exhibited similar patterns, implying they were likely controlled by Justin Sun.
If it’s true that Justin Sun owns both of these wallets, it follows that he has amassed approximately 295,757 ETH, which equates to around $891 million, since February 12. The crypto community has been intrigued by this news as Sun is believed to have made these transactions at an average price of $3,014 per ETH.
Ethereum Whales Are Bullish
The behavior of the Sun has underscored the optimistic attitude of significant Ethereum investors towards the cryptocurrency, as evidenced by a wealthy Ethereum investor’s decision to purchase more of the token despite recent lackluster price performance and a previous loss of over $4.5 million. (Source: Bitcoinist reports)
A whale similarly drew out 17.3 million USDT to amplify their investment in the crypto token, as indicated in a recent Lookonchain update. Ethereum’s major investors continue to demonstrate confidence in the market through their actions, as evidenced by a new wallet (0x9EB0) that took away 7,182 ETH ($23.06 million) from Binance, implying a prolonged holding strategy.
A wallet with the address 0x1958 withdrew 5,181 ETH, equivalent to around $16.28 million, from Binance. Instead of keeping these ETH idle, they chose to invest by staking them into Bedrock and Pendle platforms in expectation of potential price growth for the crypto tokens.
A confident outlook about Ethereum among major investors, or whales, might positively influence ETH‘s price. Given Ethereum’s current struggle with decreasing network expansion and a slowdown in new user onboarding, this bullish attitude could be particularly important.
Currently, Ethereum is priced approximately at $3,170 during this writing process, representing a decrease of about 1% within the past 24 hours based on information from CoinMarketCap.
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2024-04-23 17:10