The recent surge in Ethereum’s market recovery has been attributed to significant buys suspected to have been made by Tron’s founder, Justin Sun. Sun’s accumulation spree has once again brought attention to the bullishness of crypto whales towards Ethereum despite its fluctuating prices. According to on-chain analytics platform Lookonchain, a mysterious wallet suspected to belong to Justin Sun has been on a buying spree, acquiring 127,388 ETH worth $405.19 million from various exchanges since April 8, at an average price of $3,127.
Lookonchain has put forth a theory suggesting that the wallet in question likely belongs to Justin Sun. This speculation is supported by a previous tweet mentioning a suspected Justin Sun wallet that purchased 168,369 ETH at $2,894 from Binance and a DEX between February 12 and 24. The platform noted similarities in the transaction behavior of both wallets, further reinforcing the belief that they are both owned by Justin Sun. If these assumptions are accurate, it would mean that Sun has accumulated a total of 295,757 ETH amounting to $891 million at an average price of $3,014 since February 12.
The actions of Justin Sun and other Ethereum whales have highlighted a bullish sentiment towards the crypto token, despite recent price fluctuations. Even in the face of losses, whales like the one reported by Bitcoinist, continue to exhibit confidence in Ethereum by opening long positions and increasing their exposure to the token through additional borrowing. The recent activities of Ethereum whales, as highlighted by Lookonchain, indicate a positive outlook for the token.
The bullish sentiment displayed by whales towards Ethereum could potentially have a significant impact on the token’s price discovery. Whales are known to influence the market dynamics of a token, and their actions could prove crucial, especially during a period when Ethereum is experiencing a decline in network growth. This decline indicates a slowdown in new user adoption within the ecosystem.
As of the time of writing, Ethereum is trading at around $3,170, reflecting a slight decrease of over 1% in the last 24 hours, according to data from CoinMarketCap. Despite the minor dip in price, the overall bullish sentiment from Ethereum whales seems to be supporting the token’s value. The recent movements in price and whale activity signal a positive outlook for Ethereum in the near term.
The recent surge in Ethereum’s market recovery can be largely attributed to the significant buys made by prominent whales like Justin Sun. The bullish sentiment displayed by these whales bodes well for Ethereum’s price stability and could potentially drive further growth in the token’s value. As the crypto market continues to evolve, the actions of influential figures like Justin Sun serve as indicators of where the market may be heading. It is essential for investors to closely monitor the activities of such whales to make informed decisions in the ever-changing landscape of the cryptocurrency market.