Justin Sun, founder of TRON, has recently made significant purchases of Ethereum (ETH), totaling $5 million. According to SpotOnChain, a suspected wallet linked to Sun bought 1,614 ETH at an average price of $3,097, using USDT for the transaction.
This move by Sun is noteworthy as it coincides with Ethereum’s attempts to rebound from recent price declines. Sun’s influential presence in the cryptocurrency sphere suggests that his actions could impact market sentiment.
SpotOnChain also disclosed that Sun has been consistently acquiring ETH since February 8, accumulating a total of 362,751 ETH across three separate wallets. The estimated value of these purchases exceeds $1.11 billion, with transactions mostly executed around the $3,047 price level.
Recent reports indicate that Sun has deposited approximately $45 million USDT into the Binance exchange, suggesting further intentions to increase his Ethereum holdings in the near future. Such potential acquisitions are anticipated to bolster Ethereum’s market dynamics.
The influence of Sun’s purchases on Ethereum’s price is significant. Currently, Ethereum is trading around $3,126.54, reflecting a modest increase of 1.5% over the past day. Despite this minor uptrend, Sun’s substantial investments are expected to inject bullish momentum into both ETH and the broader cryptocurrency market in the long run.
Justin Sun’s strategic accumulation of Ethereum underscores ongoing confidence in the cryptocurrency’s potential. His proactive approach could potentially shape market trends and contribute to Ethereum’s recovery amidst fluctuating market conditions.
