The second largest cryptocurrency token by market capitalization, Ethereum (ETH)A massive market recovery is expected due to recent questionable purchases. Tron founder Justin Sun. Sun’s massive accumulation once again highlights the recent bullishness of crypto whales on Ethereum despite price fluctuations.
Sun reportedly purchased $405 million worth of ETH.
On X (formerly Twitter) post, on-chain analytics platform Lookonchain has drawn the attention of the cryptocurrency community to a mysterious wallet suspected to belong to Justin Sun. This wallet is known to have purchased 127,388 ETH ($405.19 million) from Binance. Decentralized Exchange (DEX) The average price since April 8 is $3,127.
Source: Etherscan
Meanwhile, Lookonchain sought to further substantiate its theory that the wallet likely belongs to Justin Sun. The platform alluded to an earlier tweet that stated: Suspected purchase of Justin Sun wallet Between February 12 and 24, I received 168,369 ETH from Binance and DEX for $2,894. It noted that the “transaction behavior” of the two wallets was similar, suggesting that both were likely owned by Justin Sun.
In fact, if both wallets are owned by Justin Sun, this means Tron founder Since February 12, it has accumulated 295,757 ETH ($891 million) at an average price of $3,014. whale activitySun’s alleged trading caught the attention of the cryptocurrency community, with many wondering why he had so much exposure to the second-largest cryptocurrency token.
Ethereum Whales Are Bullish
Sun’s actions highlighted optimistic sentiments. Ethereum Whale I like crypto tokens despite recent unimpressive price action. bitcoinist recently reported About the Ethereum whale, despite already losing $4.5 million Another buy position It is the second largest crypto token.
The whale borrowed 17.3 million USDT to increase its exposure to cryptocurrency tokens. In recent years X postLookonchain emphasized once again: Ethereum Whale Still going strong in the market. On-chain data shows a new wallet (0x9EB0). withdrew 7,182 ETH ($23.06 million) on Binance, indicating long-term holdings of this whale.
Another Wallet (0x1958) withdrew Take 5,181 ETH ($16.28 million) from Binance and stake it on Bedrock to leverage your ETH holdings pendle We expect further price increases for cryptocurrency tokens.
This bullish sentiment towards Ethereum could benefit the price of ETH, as whales are known to have a significant influence on token price discovery. This could also be important during this period that Ethereum is experiencing. Reduced network growthThis means that the influx of new users into the ecosystem has slowed down.
At the time of writing, Ethereum is reportedly trading at around $3,170, down more than 1% in the last 24 hours. data From CoinMarketCap.
ETH price moves toward $3,200 | Source: ETHUSDT on Tradingview.com
Featured image from Bitcoin News, chart from Tradingview.com
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