Reports show that a new ethereum (eth) whale has been buying recently. This whale bought over $405 million worth of eth since March 31 and is suspected to be Tron founder Justin Sun. Sun is also linked to another address that made massive eth moves this year.
A new whale on the horizon, is it Justin Sun?
Blockchain research platform Lookonchain revealed that a whale has embarked on an ethereum buying frenzy over the past few weeks. The newly created account began purchasing eth on crypto exchanges on March 31.
According to the post, the mysterious wallet first withdrew $96.8 million worth of stablecoins from the Binance crypto exchange. The whale then started buying ethereum on Binance and decentralized exchanges (DEX).
<blockquote class="twitter-tweet” data-width=”500″ data-dnt=”true”>
Did twitter.com/hashtag/JustinSun?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#JustinSun buy 127,388 twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow”>$eth($405.19 million) since April 8?
The wallet suspected of being twitter.com/hashtag/JustinSun?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#JustinSun has deposited 787M twitter.com/search?q=%24USDT&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow”>$USDT to twitter.com/hashtag/Binance?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#Binance in twitter.com/hashtag/Tron?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#tron since March 31.
Also on March 31, a mysterious wallet was created in twitter.com/hashtag/ethereum?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#ethereum and withdrew $96.8 million in stablecoins from twitter.com/hashtag/Binance?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#Binance.
This is a… pic.twitter.com/OcEovodUrc
— Lookonchain (@lookonchain) twitter.com/lookonchain/status/1782253466490175642?ref_src=twsrc%5Etfw” rel=”nofollow”>April 22, 2024
From April 8 to April 20, the address purchased 127,388 eth, worth around $405.19 million, at an average price of $3,172 per token. According to the research platform, the activity of this new address is similar to that of Justin Sun's alleged address.
Although the possibility of a coincidence is not ruled out, the activity between the two approached seems to suggest otherwise. On March 31, the address suspected of holding Sun made a significant deposit of 787 million USDT on Binance on Tron, which coincided with the withdrawal made by the mysterious new address.
As NewsBTC reported, Justin Sun's purported wallet also went on a similar buying spree from February 12 to 24. At that time, the address acquired 168,396 eth, worth around $580.5 million, for an average price of $2,894.
Lookonchain believes the similarities suggest these addresses are likely owned by Sun. If so, Justin Sun has purchased 295,757 eth, worth $891 million, in the last two months.
ethereum Price Rebounds Amid Whale Accumulation
x users expressed concern over Sun's alleged moves. At the time of the first report, the transaction was considered suspicious by some.
One user claimed that Sun would be “the reason for the next market crash.” Others believe it was time twitter.com/esatoshiclub/status/1763136709435294168″ target=”_blank” rel=”nofollow”>ask whether Sun would dump its eth bag. However, the possibility of accumulating for the approval of spot ethereum exchange-traded funds (ETFs) was raised.
The latest news about Sun's alleged buying spree received a more positive response. An user x.com/samurai_Q1/status/1782415719046549763″ target=”_blank” rel=”nofollow”>considered It is a bullish sign for the second largest cryptocurrency as the token could benefit from whale accumulation.
On Friday, the price of Ether fell to $2,865, a level not seen since late February. However, over the weekend, eth began to recover from its recent drop as the whale buying spree occurred.
The “altcoin king” has since reclaimed the $3,100 support level, currently trading at $3,192. The recovery represents a 2% increase from its price 24 hours ago and a 1.5% increase in the weekly period.
Additionally, eth daily trading activity has increased by 8.7%, with a daily trading volume of $11.42 billion. Similarly, the second-largest cryptocurrency saw a 1.78% increase in its market capitalization over the past day.
<img decoding="async" class="alignnone size-large wp-image-604530" src="https://technicalterrence.com/wp-content/uploads/2024/04/Ethereum-Whale-buys-127000-ETH-was-it-Justin-Sun-again.png" alt="eth, ETHUSDT, ethereum” width=”860″ height=”410″ srcset=”https://www.newsbtc.com/wp-content/uploads/2024/04/ETHUSDT_2024-04-22_08-01-00.png?w=1077 1077w, https://www.newsbtc.com/wp-content/uploads/2024/04/ETHUSDT_2024-04-22_08-01-00.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/ETHUSDT_2024-04-22_08-01-00.png?w=768 768w, https://technicalterrence.com/wp-content/uploads/2024/04/Ethereum-Whale-buys-127000-ETH-was-it-Justin-Sun-again.png 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/ETHUSDT_2024-04-22_08-01-00.png?w=750 750w” sizes=”(max-width: 860px) 100vw, 860px” loading=”lazy” data-recalc-dims=”1″/>
ethereum's price performance in the 7-day chart. Source: ETHUSDT on x/cPoChxnO/" target="_blank">TradingView
Featured image from Unsplash.com, chart from TradingView.com
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