SpotOnChain has reported that a suspected wallet of TRON founder Justin Sun is buying the Ethereum (ETH) dips. He reportedly purchased 1,614 ETH at the $3,097 price level. Sun spent around $5 million in USDT to make this purchase.
This is a notable development for ETH as it comes at a time when the coin has been trying to recover from its recent losses. Moreover, Justin Sun is a notable personality in the crypto realm. Such moves by Sun can leave a strong impact on the market.
Additionally, SpotOnChain revealed that the TRON founder has been buying ETH continuously. He has allegedly acquired 362,751 ETH since Feb. 8. Three different wallets were used to buy these coins at the price level of $3,047. The estimated cost of these ETH purchases is around $1.11 billion.
12 hours ago, Justin Sun (@justinsuntron) allegedly spent 5M $USDT to buy 1,614 $ETH at ~$3,097.Since Feb 8, Justin Sun might have bought 362,751 $ETH (est. cost: $1.11B) at ~$3,047 via 3 wallets (more details in previous posts 👇).Note that he also deposited 45M $USDT to… https://t.co/xeW1usR3MJ pic.twitter.com/aJ4zhXFas2
— Spot On Chain (@spotonchain) July 11, 2024
It appears that Justin Sun is not done with Ethereum yet. Per SpotOnChain, he has also deposited around 45 million USDT to crypto exchange Binance recently. This move shows that he may be using this USDT holding to buy more Ethereum in the coming days. These potential purchases are expected to boost ETH.
Impact on Ethereum price
As mentioned above, significant purchases by market leaders like Sun can leave a positive impact on a coin. In the case of Ethereum, Sun already has a major holding, as he may buy more coins. This can have a positive impact on the ETH price and the broader crypto market in the long term.
As of writing this article, Ethereum is trading around $3,126.54, an increase of 1.5% over the past day. While this is a minor upward trend, it is still a positive move, as it appears that ETH is trying to initiate a recovery. Moreover, Justin Sun’s significant ETH purchases are expected to inject bullish momentum onto the market.
