The second largest cryptographic token by market cap, Ethereum (ETH)appears poised for a massive market recovery following recent purchases suspected of being made by Tron founder Justin Sun. Sun’s accumulation spree again highlights crypto whales’ recent optimism towards Ethereum despite price fluctuation.
Sun Reportedly Buys $405 Million in ETH
In an X (formerly Twitter) publishon-chain analytics platform Lookonchain drew the attention of the crypto community to a mysterious wallet suspected of belonging to Justin Sun. This wallet is said to have purchased 127,388 ETH ($405.19 million) from Binance and decentralized exchanges (DEXs) since April 8 at an average price of $3,127.
Source: Etherscan
Meanwhile, Lookonchain attempted to further prove its theory that this wallet likely belonged to Justin Sun. The platform alluded to a previous tweet mentioning that a Justin Sun’s suspicious wallet purchased 168,369 ETH at $2,894 from Binance and a DEX between February 12th and 24th. He noted that the “transaction behavior” of both wallets was similar, which suggests that both are likely owned by Justin Sun.
If indeed both wallets belong to Justin Sun, this means that the Founder of Tron has accumulated 295,757 ETH ($891 million) at an average price of $3,014 since February 12. whale activitySun’s alleged transactions have caught the attention of the crypto community, with many wondering why he is gaining so much exposure to the second-largest crypto token.
Ethereum whales are bullish
Sun shares highlighted the optimistic sentiment that Ethereum Whales has regarding the crypto token despite its recent unimpressive price action. Bitcoinista recently reported about an Ethereum whale that, despite having already lost $4.5 million, opened another long position in the second largest cryptographic token.
This whale also borrowed 17.3 million USDT just to increase its exposure to the crypto token. In a recent X postLookonchain highlighted again how Ethereum Whales are still making upward moves in the market. Network data shows a new wallet (0x9EB0) that withdrew 7,182 ETH ($23.06 million) from Binance, which suggests long-term ownership by this whale.
Another wallet (0x1958) withdrew 5,181 ETH ($16.28 million) from Binance and put their ETH holdings to work by staking them on Bedrock and Pendle while anticipating further price gains in the crypto token.
This bullish sentiment towards Ethereum could be good for the price of ETH, as whales are known to have a significant impact on a token’s price discovery. It could also be crucial during this period where Ethereum is going through declining network growthwhich means that the rate of new users entering the ecosystem has decreased.
At the time of writing, Ethereum is trading at around $3,170, down more than 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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