The second largest crypto token by market cap, ethereum-fees-lowest-since-january-bottom-signal/” rel=”nofollow”>ethereum (eth)appears poised for a massive market recovery following recent purchases suspected to have been made by Tron founder Justin Sun.. Sun's accumulation wave once again highlights crypto whales' recent optimism on ethereum despite price fluctuation.
Sun Reportedly Buys $405 Million in eth
In an x (formerly twitter) x.com/lookonchain/status/1782253466490175642″ rel=”nofollow”>mail, on-chain analytics platform Lookonchain brought to the attention of the crypto community a mysterious wallet suspected to belong to Justin Sun. This wallet is said to have purchased 127,388 eth ($405.19 million) from Binance and decentralized exchanges (DEX) since April 8 at an average price of $3,127.
<img decoding="async" class="alignnone wp-image-604648 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2024/04/ethereum-Justin-Sun-Tron.png?w=460&resize=548%2C231″ alt=”ethereum Justin Sun Tron” width=”548″ height=”231″ srcset=”https://www.newsbtc.com/wp-content/uploads/2024/04/ethereum-Justin-Sun-Tron.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/04/ethereum-Justin-Sun-Tron.png?w=460&resize=548%2C231 460w” sizes=”(max-width: 548px) 100vw, 548px” loading=”lazy” data-recalc-dims=”1″/>
Source: Etherscan
Meanwhile, Lookonchain attempted to further prove its theory that this wallet likely belonged to Justin Sun. The platform alluded to a previous tweet that mentioned that a Justin Sun's Suspicious Wallet Bought 168,369 eth at $2,894 from Binance and a DEX between February 12 and 24. He noted that the “transaction behavior” of both wallets was similar, suggesting that both are likely owned by Justin Sun.
If indeed both wallets are owned by Justin Sun, that means that founder of tron has accumulated 295,757 eth ($891 million) at an average price of $3,014 since February 12. Like all ethereum-accumulation-in-top-gear/” rel=”nofollow”>whale activitySun's alleged transactions have caught the attention of the crypto community, with many wondering why he is gaining so much exposure to the second largest crypto token.
ethereum whales are optimistic
Sun shares highlighted the bullish sentiment that ethereum-accumulation-in-top-gear/” rel=”nofollow”>ethereal whales has towards the crypto token despite its recent unimpressive price action. Bitcoinist recently reported about an ethereum whale who, despite having already lost $4.5 million, opened crypto-longs-flushed-bitcoin-plummets-63300/” rel=”nofollow”>another long position in the second largest crypto token.
This whale also borrowed 17.3 million USDT just to increase its exposure to the crypto token. In a recent x.com/lookonchain/status/1782613537166344427″ rel=”nofollow”>x publicationLookonchain once again highlighted how ethereum-accumulation-in-top-gear/” rel=”nofollow”>ethereal whales They are still making bullish moves in the market. The on-chain data shows a new wallet (0x9EB0) that he retired 7,182 eth ($23.06 million) from Binance, suggesting a long-term holding by this whale.
Another wallet (0x1958) x.com/lookonchain/status/1782613537166344427″ rel=”nofollow”>he retired 5,181 eth ($16.28 million) from Binance and put their eth holdings to work by investing them in Bedrock and Earring while anticipating further price gains in the crypto token.
This bullish sentiment towards ethereum could be good for the price of eth as whales are known to have a significant impact on the price discovery of a token. It could also prove crucial during this period where ethereum is experiencing ethereum-fees-lowest-since-january-bottom-signal/” rel=”nofollow”>Declining network growth.meaning that the speed at which new users enter the ecosystem has slowed.
At the time of writing, ethereum is trading at around $3,170, down more than 1% in the last 24 hours, according to ethereum/” rel=”nofollow”>data from CoinMarketCap.
x/0nlfg4Cu/” alt=”Tradingview.com ethereum Price Chart (Justin Sun Tron)” width=”3286″ height=”1530″/>
eth price moves toward $3,200 | Source: ETHUSDT on Tradingview.com
Featured image from bitcoin News, chart from Tradingview.com
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