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

Name	Symbol	Market	Market Cap ($)	Algorithm
TRON	TRXUSD	Crypto	10,871,148,897	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

TRON

TRXUSD

Crypto

10,871,148,897

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.001206	0.99%	0.123489	0.123449	0.12349

Price Change

Price Change %

Current Price

Bid Price

Offer

0.001206

0.99%

0.123489

0.123449

0.12349

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.12352	0.121869	0.122283	0.122283	0.064588 - 0.144371

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.12352

0.121869

0.122283

0.064588 - 0.144371

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	18:55:32	2,385.00	0.123489	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

18:55:32

2,385.00

0.123489

USD

Price x Volume	Volume	Base Symbol	Related Pairs
64,863.45	529,096.88	TRX	TRXEUR	TRXGBP	TRXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

64,863.45

529,096.88

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

23/04/2024 3:00pm

NEWSBTC

The second-largest crypto token by market cap, Ethereum (ETH), looks set to make a massive market recovery following recent buys suspected to be made by Tron’s founder, Justin Sun. Sun’s accumulation spree again highlights crypto whales’ recent bullishness on Ethereum despite fluctuating prices. Sun Allegedly Buys $405 Million Worth Of ETH In an X (formerly Twitter) post, the on-chain analytics platform Lookonchain drew the crypto community’s attention to a mysterious wallet suspected to belong to Justin Sun. This wallet is said to have bought 127,388 ETH ($405.19 million) from Binance and decentralized exchanges (DEXs) since April 8 at an average price of $3,127. Related Reading: Brazil Wants BTC: 7,400 Bitcoin Futures Contracts Created On First Day Of Trading Source: Etherscan Meanwhile, Lookonchain tried to prove further its theory that this wallet likely belonged to Justin Sun. The platform alluded to a previous tweet mentioning that a suspected Justin Sun wallet bought 168,369 ETH at $2,894 from Binance and a DEX between February 12 and 24. It noted that the “transaction behavior” of both wallets was similar, which suggests that they are both likely owned by Justin Sun. If indeed both wallets are owned by Justin Sun, that means the Tron founder has accumulated 295,757 ETH ($891 million) at an average price of $3,014 since February 12. Like every whale activity, Sun’s alleged transactions have caught the crypto community’s attention, with many wondering why he is gaining so much exposure to the second-largest crypto token. Ethereum Whales Are Bullish Sun’s actions highlighted the bullish sentiment that Ethereum whales have towards the crypto token despite its recent unimpressive price action. Bitcoinist recently reported about an Ethereum whale who, despite already losing $4.5 million, opened another long position on the second-largest crypto token. Related Reading: Crypto Analyst Predicts Cardano Recovery After ABC Wave Completion, Here’s The Target This whale also borrowed 17.3 million USDT just to increase their exposure to the crypto token. In a recent X post, Lookonchain again highlighted how Ethereum whales are still making bullish moves in the market. On-chain data shows a fresh wallet (0x9EB0) that withdrew 7,182 ETH ($23.06 million) from Binance, which suggests long-term holding by this whale. Another wallet (0x1958) withdrew 5,181 ETH ($16.28 million) from Binance and put their ETH holdings to work by staking it into Bedrock and Pendle while anticipating further price gains in the crypto token. Such bullish sentiment towards Ethereum could be good for ETH’s price as whales are known to have a significant impact on a token’s price discovery. It could also prove crucial during this period when Ethereum is experiencing declining network growth, which means that the rate at which new users come into the ecosystem has slowed. At the time of writing, Ethereum is trading at around $3,170, down over 1% in the last 24 hours, according to 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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