Justin Sun Buys $5 Million in Ethereum (ETH), Price Rally Coming?
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.
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.