TRON founder Justin Sun, one of the most popular names in the cryptocurrency market, draws attention with his Ethereum purchases in the last 2 weeks. A wallet thought to belong to Sun purchased 18,616 Ethereum worth $54.57 million on February 23. With this purchase, it was revealed that Sun purchased $ 435.3 million worth of Ethereum in the last 12 days.
The moves of the TRON founder attracted attention
TRON (TRX) founder Justin Sun made a splash in the cryptocurrency market with his Ethereum (ETH) purchases in the last 2 weeks. According to data provided by on-chain analysis platform Lookonchain, a cryptocurrency wallet thought to belong to Sun purchased 18,616 Ethereum worth $54.57 million on February 23. With this purchase, it was revealed that the wallet in question purchased 151,196 Ethereum worth $ 435.3 million through Binance and decentralized exchanges (DEX) in the last 12 days.
The wallet named “TWGHNc” withdrew 500 million Tether (USDT) from the cryptocurrency exchange HTX on February 18. Lookonchain noted that the only person who could attract this amount of assets would be Justin Sun, who also serves as an advisor to HTX. Justin Sun’s recent heavy Ethereum purchases have led to various speculations in the cryptocurrency market. Some analysts believe that Sun believes in the long-term potential of Ethereum and made his investment accordingly.
Bullish expectation in Ethereum
In addition to Justin Sun, many cryptocurrency whales have also attracted attention with their Ethereum purchases in recent days. This strengthens the expectation of a bull market in Ethereum. Behind this expectation lies the increasing belief that the USA will approve spot Ethereum exchange traded fund (ETF) applications. The Dencun upgrade, which is critical for the Ethereum network, is expected to be activated next March.
This upgrade is envisioned to solve Ethereum’s scalability issue and reduce transaction fees. Developments such as Justin Sun’s Ethereum purchases and the Dencun upgrade show that Ethereum will continue to be an attractive option for investors in the coming period.
What is Sun’s purpose?
As a result, Justin Sun’s Ethereum purchases were critical. Because it led to various speculations in the cryptocurrency market. Some analysts think Sun believes in Ethereum’s long-term potential. Therefore, he believes that he made his investment in this direction. Another view, more interesting, is that Zira Sun aims to attract the attention of investors by increasing the Ethereum price. However, it is worth noting that Ethereum is already a well-known and popular coin.
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