Recent reports have surfaced regarding a new Ethereum whale that has been making significant purchases of ETH, totaling over $405 million since March 31. Speculations are running rampant that this whale may be none other than Tron founder Justin Sun. The blockchain research platform Lookonchain has shed light on this mysterious buying frenzy that has captured the attention of the crypto community.
The address in question, suspected to be owned by Justin Sun, has been actively purchasing Ethereum from various exchanges, including Binance and Decentralized Exchanges (DEX). Between April 8 and April 20, this address acquired a staggering 127,388 ETH, valued at approximately $405.19 million. The average price per token was $3,172 during this buying spree, raising eyebrows within the crypto space.
Lookonchain’s analysis suggests that the buying activity from this new address mirrors that of the alleged Justin Sun address. While the possibility of a mere coincidence cannot be completely ruled out, the striking similarities between the two addresses point to a deeper connection. Notably, on March 31, the address associated with Justin Sun deposited 787 million USDT to Binance on Tron, coinciding with a significant withdrawal made by the mysterious new address.
The news of Justin Sun’s alleged involvement in this buying spree has sparked mixed reactions among cryptocurrency enthusiasts. Some users have expressed concerns over the potential impact of Sun’s actions on the market, with fears that he could trigger a market crash. Questions have also been raised about whether Sun intends to liquidate his ETH holdings or accumulate them in anticipation of the approval of spot Ethereum exchange-traded funds (ETF).
Mixed Market Reactions
Despite the initial skepticism surrounding Justin Sun’s buying spree, the recent uptick in Ether’s price has led to a more positive reception of the news. Following a brief dip to $2,865, ETH has since rebounded and breached the $3,100 support level, currently trading at $3,192. This recovery represents a 2% increase in price over the past 24 hours and a 1.5% surge in the weekly timeframe. Additionally, ETH’s daily trading volume has spiked by 8.7%, reaching $11.42 billion.
The emergence of a new Ethereum whale and the speculation surrounding Justin Sun’s potential involvement in the buying spree have added an air of intrigue to the cryptocurrency market. While the true identity of the whale remains shrouded in mystery, the ongoing developments have undoubtedly captured the attention of both seasoned investors and newcomers to the crypto space. As the situation continues to unfold, it will be interesting to see how the market reacts to the influx of ETH purchases and whether Justin Sun’s alleged actions will have a lasting impact on the price and perception of Ethereum.
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