Tron founder Justin Sun invested $1 billion in the leading altcoin Ethereum. This move by Sun, a crypto whale, created optimism that there would be a recovery in the market. Detailed analysis reveals Sun’s strategic purchasing methods. Therefore, there is an expectation of a potential price increase in the market.
Tron inventor uploaded $1 billion ETH!
cryptokoin.comAs you follow from , investors are keeping a close eye on Justin Sun’s moves as a crypto whale. Recent data shows that the Tron founder has purchased large amounts of ETH. Sun made headlines with his staggering $1 billion ETH purchase. Thus, it created a surge in the market. Meanwhile, this move comes amid the recent surge in ETH price following the SEC’s investigation into ETH’s security status. However, the Ethereum ETF in Hong Kong has triggered positive sentiment in the broader market.
As revealed by on-chain data tracker EmberCN, Sun’s strategic ETH investments occur in multiple transactions totaling 323,799 ETH at an average price of $2,942. Specifically, transactions were conducted through a combination of centralized exchange (CEX) withdrawals and on-chain purchases. This accumulation underscores Sun’s bullish outlook on Ethereum’s long-term prospects.
Justin Sun’s move reflects his confidence in ETH
Meanwhile, EmberCN has revealed a comprehensive breakdown of the Tron founder’s ETH transactions. This breakdown sheds light on the meticulous nature of Sun’s purchases. From December 26, 2023 to April 23, 2024, Sun strategically purchased approximately $1.02 billion worth of ETH through various channels, including withdrawals from CEX and direct on-chain purchases. Justin Sun’s average purchase price reflects his confidence in Ethereum’s future growth potential. It also signals a strong vote of confidence from one of the industry’s most influential figures.
Effects on price and performance
Justin Sun’s massive Ethereum investment caused a stir in the cryptocurrency market. Hence, it led to speculations on its potential impact on Ethereum’s price. With Sun’s significant stake in ETH, investors are expecting a positive market sentiment shift. They predict that this will potentially lead the ETH price towards a recovery phase.
Additionally, Justin Sun’s strategic accumulation strategy, combined with ETH’s resilience in the face of regulatory challenges and market uncertainties, underscores the cryptocurrency’s enduring appeal as a leading digital asset. Meanwhile, at the time of writing, ETH price was trading at $3,247, up 1.67%. Additionally, ETH’s trading volume stood at $11.34 billion. ETH has gained nearly 7% over the past seven days.
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