Recent reports have shed light on a new Ethereum whale that has been actively purchasing ETH over the past few weeks. This mysterious wallet, suspected to be owned by Tron founder Justin Sun, has made significant moves in the market. According to blockchain research platform Lookonchain, the whale began its buying spree on March 31, withdrawing $96.8 million stablecoins from Binance before purchasing ETH from various exchanges.
From April 8 to April 20, the whale address acquired 127,388 ETH, totaling around $405.19 million. The average purchase price per token was $3,172, indicating a significant investment in the cryptocurrency. This activity mirrors that of another address linked to Justin Sun, further fueling speculation about Sun’s involvement in these transactions.
The similarities between the newly active wallet and the one suspected to be owned by Justin Sun cannot be ignored. Both addresses have exhibited a pattern of large ETH acquisitions within a short timeframe, raising questions about Sun’s potential role in these transactions. The deposit of 787 million USDT to Binance on Tron by the Sun-related address aligns with the withdrawal made by the new wallet, strengthening the case for their connection.
The news of Justin Sun’s alleged buying spree has garnered mixed reactions from the crypto community. Some users have expressed concerns about the potential impact of Sun’s actions on the market, with fears of a market crash or a significant dump of ETH. However, others see this as a positive sign for Ethereum, as whale accumulation could drive up the price of the cryptocurrency.
Following the whale’s buying spree, Ether experienced a price dip to $2,865, reaching levels not seen since late February. However, the market soon rebounded, with ETH climbing back to the $3,100 support level and currently trading at $3,192. This recovery represents a 2% increase from the previous day’s price and a 1.5% surge in the weekly timeframe. Additionally, daily trading activity has spiked by 8.7%, with a trading volume of $11.42 billion, and market capitalization has seen a 1.78% rise in the last 24 hours.
The emergence of a new Ethereum whale and its suspected connection to Justin Sun have captured the attention of the crypto community. The significant ETH acquisitions made by the whale address, along with the market reactions and price movements that followed, highlight the impact that large-scale transactions can have on the cryptocurrency market. As the story continues to unfold, all eyes will be on Sun and the whale’s future activities to gauge their influence on Ethereum and the broader market.