Recent reports have indicated that a new Ethereum (ETH) whale has been actively purchasing large amounts of ETH since March 31. This whale, suspected to be Tron founder Justin Sun, has acquired over $405 million worth of ETH in a short period. The buying spree began with the withdrawal of $96.8 million stablecoins from Binance, followed by purchases from both Binance and Decentralized Exchanges (DEX).
The newly created wallet that made these significant purchases has drawn similarities to another address linked to Justin Sun. The activity from both addresses, especially the deposit of 787 million USDT to Binance on Tron, suggests a connection between the two. The alleged Justin Sun address had previously engaged in a similar buying spree, acquiring 168,396 ETH worth approximately $580.5 million. The research platform Lookonchain has raised the possibility that both addresses are owned by Sun.
The news of Sun’s alleged buying spree has generated mixed reactions from the market. While some users expressed concern over the potential impact on the market, others saw it as a bullish signal for Ethereum. The price of ETH experienced a dip to $2,865 but has since recovered to $3,192 as the whale buying activity took place. The increase in daily trading volume and market capitalization further signify market optimism surrounding Ethereum’s price performance.
Despite the initial price dip, Ether has managed to regain the $3,100 support level and is currently trading at $3,192. The recovery represents a 2% increase from its price 24 hours ago and a 1.5% surge in the weekly timeframe. Additionally, Ethereum’s daily trading activity has seen an 8.7% increase, with a daily trading volume of $11.42 billion. The market capitalization of ETH has also risen by 1.78% in the last day, indicating growing investor interest in the cryptocurrency.
The recent Ethereum whale activity, suspected to be linked to Justin Sun, has sparked both concern and optimism in the market. The buying spree, totaling over $405 million worth of ETH, has had a noticeable impact on Ethereum’s price performance. Whether this activity is a prelude to market manipulation or a bullish signal for the cryptocurrency remains to be seen. Investors are advised to conduct thorough research and exercise caution when making investment decisions in light of these developments.
Please note that the information provided in this article is for educational purposes only and does not constitute financial advice. Investing in cryptocurrencies carries inherent risks, and individuals should conduct their own research and seek professional guidance before making any investment decisions. NewsBTC does not endorse or recommend any specific investments and bear no responsibility for any financial losses incurred as a result of using the information provided.
Leave a Reply