Justin Sun-Linked Wallet Buys $487 Million Worth of ETH
Date: 2024-02-26 Author: Dima Zakharov Categories: IN WORLD
Massive Ethereum Purchase Sparks Interest
A recent revelation unveils a wallet purportedly associated with Tron's tycoon, Justin Sun, has spent a hefty sum on Ethereum. Reports from Lookonchain indicate a staggering acquisition of 13,780 ETH, valued at around $41.24 million, from the cryptocurrency exchange Binance over the past 12 hours.
Continued Surge in Purchases
This transaction adds to a series of substantial acquisitions totaling 168,369 ETH, equivalent to approximately $487 million, within just two weeks. The frequency of these transactions is escalating, garnering attention across the cryptocurrency sphere.
Notable Increase Amid Rising Ethereum Prices
On February 23 alone, the suspected wallet received an additional 18,616 ETH ($54.57 million) following previous purchases on February 21 and 19, each amounting to millions of dollars. These acquisitions coincided with a significant surge in the value of Ethereum, surpassing the $3000 mark and maintaining a steady upward trajectory.
Justin Sun's Alleged Involvement
Justin Sun has not confirmed his involvement in these transactions, fueling speculations and discussions within the cryptocurrency community.
Impact on Ethereum's Value
As discussions around these transactions intensify, the current price of Ether stands at $3100, marking a notable increase of 1.94% over the last 24 hours and an impressive surge of 39.88% over the past month. With a remarkable surge of 94.62% over the past year, Ether's trajectory continues to attract investors and industry observers alike.
Rising Profile of Justin Sun
Justin Sun has recently gained prominence in the cryptocurrency market. The well-known cryptocurrency YouTube channel "Discover Crypto" argues that the HTX exchange, advised by Justin Sun, could become the next FTX. All this unfolds amidst controversies surrounding alleged scandals involving Justin Sun.
