The cryptocurrency community is abuzz after a wallet suspected of being linked to Tron founder Justin Sun gobbled up $161 million worth of Ether on February 19th. The whale-sized purchase shocked markets, sparking speculation and potentially signaling a positive outlook for the world’s second-largest cryptocurrency.
At the time of this writing, Ethereum (ETH) is quickly approaching the $3,000 level, trading at $2,932, up 0.2% and 9.8% in the 24-hour and 7-day periods, data from Coingecko shows.
ETH inching closer to the $3k mark. Source: Coingecko
Ethereum address with Tron connection
Ethereum purchases were made on leading cryptocurrency exchange Binance and several decentralized exchanges (DEXs). All eyes are on the wallet identified with the partial address ‘TWGHNc’, which is known to have recently made large transactions.
1/ Someone bought a total of 54,721 items in the last 32 hours. $ETH From ($154.4 million) #Binance and #DEX.
Who is this person? Things like that happen, too #justin sun?
Let’s dig deeper👇 pic.twitter.com/6yh4GRZnws
— Lookonchain (@lookonchain) February 19, 2024
As analysts piece together the puzzle, they point to the sheer scale of these transactions, which suggests the involvement of major players with deep pockets and significant influence in the cryptocurrency industry, such as Sun. This theory gained traction when examining the wallet’s activity patterns, which showed a clear correlation with another address, “0x7a95.”
For example, TWGHNc deposited $5.4 million in HTX and then withdrew almost the same amount of ETH by 0x7a95 on the same exchange. Additionally, TWGHNc’s deposit of 50 million USDT to Binance closely mirrored its withdrawal of 9,959 ETH from Binance by 0x7a95.
Last week, TWGHNc withdrew a whopping $500 million worth of Tether (USDT) from the now renamed Huobi exchange (formerly HTX). Further fueling the rumor, the wallet deposited $50 million worth of USDT into Binance today.
Ethereum currently trading at $2,930 on the daily chart: TradingView.com
A bullish sign for Ethereum?
If widespread speculation is correct and Justin Sun is indeed the person behind this strategic maneuver, it would mark a notable expression of confidence in Ethereum from one of the most influential figures in the blockchain and cryptocurrency industry. no see. This approval from Sun could carry significant weight and serve to strengthen Ethereum’s position.
Ether price action in the last 24 hours. Source: Coingecko
Meanwhile, Sun’s recent announcement of a groundbreaking Bitcoin Layer 2 solution aimed at improving interoperability within the blockchain space has already created quite a stir. This initiative aims to seamlessly integrate the various token types on the Tron network with the Bitcoin network, paving the way for more seamless cross-chain interactions.
This development is a milestone for Tron and represents a significant leap forward for cryptocurrency as a whole. With plans to connect more than $55 billion in value to the Bitcoin network, Tron’s plans have the potential to breathe new life into the leading cryptocurrency.
Featured image by Getty Images, chart by TradingView