Justin Sun, co-founder of Tron, a smart contracting platform for deploying decentralized applications (dapps), is once again moving and shuffling millions of dollars. According to Lookonchain data On February 29, Sun reportedly transferred 100 million USDT to Binance, days after moving huge sums earlier this week.
Justin Sun Owns Millions of eth: Will Co-Founder Buy More?
From February 12 to February 24, a Sun partner wallet acquired 168,369 eth for an average price of $2,894. This purchase, valued at approximately $580.5 million, currently generates an unrealized profit of approximately $95 million. Profitability could increase considering the strong demand for cryptocurrencies, especially major coins like bitcoin and ethereum, in recent days.
The ethereum price chart shows that eth has been in a clear uptrend, rising from around $2,200 in early February to over $3,450 at the time of writing. At this rate, and considering the institutional interest in powerful cryptoassets including eth, the chances of the second most valuable coin increasing gains will be very likely.
As bitcoin approaches $70,000, the likelihood of ethereum also rising towards its all-time high around $5,000 will be high.
Since eth already holds a large number of coins, it is speculated that the co-founder will double down and buy even more coins. The crypto community will continue to watch the direction until this happens and there is solid on-chain data to support the purchase.
Spot ethereum ETF and Dencun Upgrade Are Key Upgrades
So far, optimism is high, especially among the broader altcoin community. As bitcoin races to new all-time highs fueled by institutional billions, eyes will be on the US Securities and Exchange Commission (SEC). There are multiple applications for a spot ethereum exchange-traded fund (ETF).
The agency has not provided a definitive timeline for approving or rejecting the spinoff. There is regulatory uncertainty surrounding the status of eth, a major hurdle that could delay or even prevent the timely authorization of this product.
Still, the community is looking forward to the next communication in May. If the ethereum spot ETF performs, the coin is likely to hit new all-time highs, following bitcoin.
Before that, however, eyes are on the expected Dencun rollout. The update addresses the challenges ethereum faces, including scalability. Through Dencun, ethereum developers hope to lay the groundwork for further performance improvements in the coming years.
With higher throughput, transaction fees decrease, which improves the user experience too much. This upgrade could go a long way toward solidifying ethereum's role in cryptocurrencies, staving off stiff competition from Solana and others, including the BNB chain.
Featured image of DALLE, TradingView chart
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
