TRON

In the ongoing struggle within the cryptocurrency landscape, speculation arises regarding a significant purchase made by TRON founder and HTX advisor, Justin Sun. On April 22, 2024, an on-chain analytics firmLookonchain shared a post on X (previously Twitter), stating, “Did Justin Sun buy 127,288 ETH worth $405.19 million since April 8, 2024?” They also shared multiple reports concerning Sun’s suspected wallet and its purchases during these dates. Did Justin Sun make a big Ethereum purchase? However, this speculation of massive Ethereum purchases coincides with a period when the overall cryptocurrency market experienced a significant downturn due to the release of United States CPI data and the conflict between Iran and Israel.Upon closer examination of the Lookonchain report, it reveals that the wallet suspected to belong to Justin Sun deposited $787 million of USDT to Binance on Tron since March 31, 2024. Additionally, on the same day, a mysterious wallet was created on Ethereum and withdrew a massive $96.8 million stablecoin from Binance.Subsequently, this same mysterious wallet began purchasing Ethereum from Binance and DEX (Decentralized Exchange), acquiring a total of 127,388 Ethereum worth $405.19 million, with an average price of $3,172. Furthermore, another suspected Justin Sun wallet bought nearly 168,369 Ethereum worth $487 million at an average price of $2,894 from Binance and DEX between February 12 and February 24, 2024.However, the transaction behavior of these two wallets appears relatively similar to each other, suggesting that both may be owned by Justin Sun. If this holds true, it implies that Sun has acquired a total of 295,757 Ethereum worth $891 million from Binance and other DEX since February 12, 2024. Ethereum price performance analysis&nbsp; In addition to these speculations surrounding Justin Sun’s ETH purchase, on April 17, 2024, <a href="https://news.todayq.com/justin-sun-pulls-off-196m-usdt-from-htx-whats-the-motive/" rel="noopener noreferrer nofollow">Todayq News</a> reported that Sun withdrew a massive $196 million USDT from HTX and deposited it to Binance. All these developments strongly support the notion that Sun has indeed purchased this substantial amount of Ethereum from Binance and other DEX, capitalizing on the recent market downturn.Currently, Ethereum is trading near the $3,200 level, and in the last 24 hours, it has experienced a modest 1% upside momentum. Over a longer period, Ethereum’s performance has remained stable in the last 7 days, while in the last 30 days, its price has declined by 9% due to the CPI data and the Iran-Israel conflict.

Justin Sun gearing up for Ether ETF? Data shows $405M ETH bought

Todayq News

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