Ethereum
Justin Sun pockets over $405 million in Ethereum (ETH) in just a few days
Godfrey Benjamin
Tron’s Justin Sun on massive $405 million Ethereum buying spree
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Tron founder Justin Sun is going on a massive Ethereum buying spree, as highlighted by data analytics platforms and tracking site Lookonchain. Lookonchain data revealed that from April 8 to date, Justin Sun has acquired a total of 127,388 ETH worth approximately $405.19 million.
Although wallets linked to Justin Sun have a rich history of buying Ethereum, they also have strong selling activity. Since at least March 31, the wallet has reportedly deposited 787 million USDT on Binance on Tron, a move that adds even more intrigue to the whale’s trading activities.
The wallet that contains $405.19 million worth of Ethereum, linked to Justin Sun, is relatively young at around three weeks old. Older documents show that other wallets associated with Justin Sun made broadly similar acquisitions.
Earlier reports show that a wallet linked to Sun acquired a total of 168,369 ETH worth approximately $487 million at $2,894 between February 12 and 24. acquisitions were carried out on both Binance and decentralized exchanges (DEX). Although the activities of these two wallets are similar, they remain speculatively linked to Justin Sun.
Why is Justin Sun buying Ethereum?
With the two wallets totaling 295,757 ETH valued at $891 million at an average price of $3,014, it becomes apparent that the whale might know something.
For Justin Sun, the huge deals linked to him are usually justified as a way to distribute cash among his various businesses. There is related professions featuring Shiba Inu (SHIB), as Sun is ranked as one of the largest whales holding Shiba Inu at one time.
While Ethereum remains the de facto pioneer of smart contracts with a robust DeFi ecosystem, Justin Sun’s transactions are essentially further proof that the ecosystem is leading in terms of liquidity inflow.
About the Author
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was born when, as a former banker, he discovered the clear advantages of decentralized money over traditional payments. With his extensive experience covering various aspects of Web3, Godfrey’s articles have been featured on Blockchain.news, Cryptonews, and Coingape, among others.