Evidence indicates that a significant Ethereum (ETH) investor, believed to be Justin Sun, the founder of Tron, has been actively purchasing large amounts of ETH since late March. The total value of these purchases exceeds $405 million. Additionally, there is suspicion that another account associated with Sun has also made substantial ETH transactions this year.
A New Whale On The Horizon, Is It Justin Sun?
According to the blockchain exploration site Lookonchain, a large investor, referred to as a whale, has been aggressively purchasing Ethereum (ETH) from cryptocurrency exchanges since late March (specifically, starting on March 31).
Based on the article, a cryptic figure initially took out $96.8 million worth of stablecoins from Binance‘s crypto platform. Subsequently, this large investor began purchasing Ethereum not only from Binance but also from Decentralized Exchanges.
Did #JustinSun buy 127,388 $ETH($405.19M) since Apr 8?
Since March 31, a wallet believed to belong to #JustinSun has transferred approximately 787 million dollars in USDT to #Binance through the Tron network.
On March 31st, an enigmatic Ethereum wallet emerged and extracted approximately $96.8 million in stablecoins from Binance. Could this be…?
— Lookonchain (@lookonchain) April 22, 2024
Between April 8 and April 20, a newly identified address purchased approximately 127,388 ETH, valued at around $405.19 million. The average price paid for each token was about $3,172. This buying pattern resembles the one observed from the suspected Justin Sun address, based on research conducted by a reputable platform.
It’s possible that the transaction between the two addresses was just a coincidence. However, the timing and amount of their transactions suggest otherwise: On March 31, an address suspected to be owned by Sun made a large deposit of 787 million USDT into Binance using Tron. At the same time, a mysterious new address withdrew an equivalent amount from Binance.
According to NewsBTC’s report, Justin Sun’s suspected wallet followed a pattern of purchasing large amounts of Ethereum between February 12 and February 24. During this period, the wallet amassed approximately 168,396 ETH, valued at around $580.5 million at the time. The average price paid for each ETH was roughly $2,894.
According to Lookonchain’s analysis, it’s plausible that these addresses belong to Justin Sun. If this is true, then Sun has purchased approximately 295,757 ETH, equating to a value of around $891 million, during the past two months.
Ethereum Price Recovers Amid Whale Accumulation
Some users of X were worried about Sun’s questionable actions as reported. Initially, these users found the transaction involving Sun to be suspicious.
One user stated that Sun could be the cause of the upcoming market downturn. Some thought it was worth considering if Sun was planning to sell his ETH holdings. However, an alternative perspective suggested that Sun might be buying more ETH in anticipation of Ethereum’s spot exchange-traded funds (ETF) being approved.
Recently, the news that Sun may have been making large purchases of Bitcoin has been met with greater optimism. One observer viewed this development as a potentially good sign for Bitcoin, the second largest cryptocurrency, since an increase in large-scale buying by “whales” could lead to price growth for the token.
On Friday, Ether’s price dipped to $2,865, a level not seen since late February. Over the weekend, however, ETH began to recover from its recent fall as the whale buying spree occurred.
After hitting a rough patch and losing the $3,100 mark, the leading altcoin has bounced back, now priced at $3,192. This is a 2% gain from its price in the last day, and a 1.5% rise in value over the past week.
In addition, the trading volume for Ethereum (ETH) has grown by 8.7%, amounting to $11.42 billion daily transactions. Likewise, there has been a 1.78% surge in market value for the second largest cryptocurrency within the past day.
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2024-04-23 02:10