Ethereum Whale Buys 127K ETH, Was It Justin Sun Again?

According to reports, a new Ethereum (ETH) whale seems to be on a buying spree recently. The whale has purchased $405 million worth of ETH since March 31st and is suspected to be Tron founder Justin Sun. Sun is also linked to another address that made his large ETH moves this year.

The new whale on the horizon, is it Justin Sun?

Blockchain research platform Lookonchain revealed that whales have been on a buying frenzy for Ethereum over the past few weeks. The newly created account started purchasing ETH from the cryptocurrency exchange on March 31st.

According to the post, the mysterious wallet initially withdrew $96.8 million in stablecoins from cryptocurrency exchange Binance. Whales then started buying Ethereum from Binance and decentralized exchanges (DEXs).

From April 8th to April 20th, this address purchased 127,388 ETH worth approximately $405.19 million at an average price of $3,172 per token. The research platform said activity from this new address is similar to Justin Sun’s alleged address.

Although the possibility of coincidence cannot be ruled out, the activity between the two mentioned would seem to suggest otherwise. On March 31st, an address suspected to be owned by Sun made a large deposit of 787 million USDT to Binance on Tron, which was matched with withdrawals by a mysterious new address.

As reported by NewsBTC, Justin Sun’s alleged wallet also engaged in similar hoarding from February 12th to February 24th. At the time, this address had acquired 168,396 ETH worth approximately $580.5 million at an average price of $2,894.

Lookonchain believes that the similarities suggest that these addresses are likely owned by Sun. If so, Justin Sun would have purchased 295,757 ETH (worth $891 million) in the past two months.

Ethereum price recovers amid whale accumulation

X users expressed concern about Sun’s alleged move. At the time of the initial report, some considered the transaction suspicious.

One user declared that Sun would be “the cause of the next market crash.”Others believe the time has come question Whether Sun will dump the ETH bag. However, the possibility of him setting aside funds for approval of a spot Ethereum exchange-traded fund (ETF) has been raised.

The latest news about Sun’s alleged acquisition received a more positive response.user considered This is a bullish signal for the second-largest cryptocurrency, as the token could benefit from whale accumulation.

On Friday, the price of Ether fell to $2,865, the lowest level since late February. However, over the weekend, ETH began to recover from the recent decline due to whale buying.

Since then, the “King of Altcoins” has regained the $3,100 support level and is currently trading at $3,192. This recovery represents a 2% increase from the price 24 hours ago and a 1.5% increase on the weekly basis.

Additionally, ETH daily trading activity increased by 8.7%, reaching a daily trading volume of $11.42 billion. Similarly, the second largest cryptocurrency has increased in market capitalization by 1.78% in the past day.

Ethereum's price performance in the 7-day chart. Source: ETHUSDT on TradingView

Featured image from Unsplash.com, chart from TradingView.com

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell, or hold an investment, and investing naturally involves risk. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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