TRON Founder Justin Sun Goes On 127,388 ETH Buying Spree

The second largest crypto token by market capitalization, Ethereum (ETH)The market is expected to recover significantly following recent purchases likely by . Justin Sun, founder of Tron. Sun’s accumulation spree once again highlights crypto whales’ recent bullish stance on Ethereum despite price fluctuations.

Sun allegedly purchased $405 million worth of ETH

In an X (formerly Twitter) post, on-chain analytics platform Lookonchain has drawn the attention of the cryptocurrency community to a mysterious wallet believed to belong to Justin Sun. The wallet is said to have purchased 127,388 ETH ($405.19 million) from Binance. Decentralized exchange (DEX) Average price since April 8th is $3,127.

Source: Etherscan

Meanwhile, Lookonchain sought to further prove the theory that this wallet likely belonged to Justin Sun. The platform alluded to an earlier tweet that said: Suspected of purchasing Justin Sun’s wallet Between February 12th and 24th, 168,369 ETH was traded on Binance and DEX for $2,894. It notes that the “transaction behavior” of both wallets is similar, and both are likely owned by Justin Sun.

If indeed both wallets are owned by Justin Sun, then founder of tron has accumulated 295,757 ETH ($891 million) since February 12 at an average price of $3,014. whale activitySun’s alleged trading has attracted the attention of the crypto community, with many wondering why he has so much exposure to the second-largest cryptocurrency token.

Ethereum whales are bullish

Son’s actions highlighted the following bullish sentiments: ethereum whale There is strong interest in crypto tokens, even though recent price movements have not been impressive.Bitcoinist recently reported About the Ethereum whale that opened despite already losing $4.5 million another long position About the second largest crypto token.

This whale also borrowed 17.3 million USDT just to increase its exposure to crypto tokens.recently ×postLookonchain once again highlighted its method. ethereum whale The market remains bullish. On-chain data shows a new wallet (0x9EB0). withdrew 7,182 ETH ($23.06 million) from Binance, which suggests this whale is a long-term hold.

Another wallet (0x1958) withdrew You will receive 5,181 ETH ($16.28 million) from Binance and leverage your ETH holdings by staking them with Bedrock. pendle On the other hand, further price increases are expected for crypto tokens.

Such bullish sentiment for Ethereum could have a positive impact on the price of ETH, as whales are known to have a large impact on the price discovery of the token. It could also be very important at a time when Ethereum is experiencing difficulties. Decreased network growthThis means that new users enter the ecosystem at a slower rate.

At the time of writing, Ethereum was trading around $3,170, down more than 1% in the past 24 hours, according to Ethereum. data From CoinMarketCap.

Ethereum price chart on Tradingview.com (Justin Sun Tron)

ETH price moves toward $3,200 | Source: ETHUSDT on Tradingview.com

Featured image from Bitcoin News, chart from Tradingview.com

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