Justin Suns Alleged Ethereum Buying Spree Raises Price Speculation
- Assuming these wallets really do belong to Sun, his total ETH holdings would be 295,757.
- Importantly, beginning on March 31, this wallet sent Binance 787,000,000 USDT.
Recent events have sparked speculation over whether renowned crypto figure Justin Sun has purchased a large quantity of Ethereum (ETH). Assuming this is accurate, it may give the Ethereum price an additional push beyond $3,500 and beyond.
An on-chain data provider Lookonchain has uncovered some interesting activity in whale wallets that are suspected to be linked to Sun. An alleged Sun wallet has allegedly accumulated 127,388 ETH, or $405.19 million, since April 8.
Substantial ETH Accumulation
Importantly, beginning on March 31, this wallet sent Binance 787,000,000 USDT on the Tron network. Also, on that day, an unidentified wallet appeared on the Ethereum network and withdrew stablecoins worth $96.8 million from Binance.
Interestingly, this wallet started buying Ethereum (ETH) via decentralized exchanges like Binance, and it now possesses 127,388 ETH worth $405.19 million (at an average price of $3,172).
There was a wallet associated with Sun that bought 168,369 ETH worth $487 million between February 12 and 24, and these acts are a carbon copy of those. Assuming these wallets really do belong to Sun, his total Ethereum holdings would be 295,757 ETH, or $891 million. He bought these tokens from Binance and other decentralized exchanges for an average of $3,014 since February 12.
At the time of writing, ETH is trading at $3203, up 0.90% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 5.73%. Significant amounts of moneya total of $226 millionleft the Bitcoin and Ethereum markets last week. This pattern was most noticeable in Bitcoin, which witnessed outflows of $192 million and Ethereum, which witnessed outflows of $34 million for the sixth week in a row.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
