Justin Sun is collecting Ethereum: Will altcoins take off?

SpotOnChain reported that a suspicious wallet of  TRON founder Justin Sun was buying Ethereum (ETH) dips.

SpotOnChain reported that a suspicious wallet from TRON founder Justin Sun was buying Ethereum (ETH) dips.

Justin Sun reportedly purchased 1,614 ETH at $3,097. Sun spent approximately 5 million USDT to make this purchase. This is a notable development for ETH becausei.

-SpotOnChain revealed the TRON founder's constant purchase of ETH. Allegedly, 362,751 ETH have been purchased since February 8. Three different budgets were allocated to purchase these coins at a daily level of 3,047. The estimated cost of these ETH purchases is approximately $1.11 billion.

It looks like Justin Sun isn't done with Ethereum yet. According to SpotOnChain, he recently deposited approximately 45 million USDT to crypto exchange Binance. This move suggests that he can use this amount of USDT to buy more Ethereum within days. These potential buys are expected to boost ETH

As mentioned above, significant purchases by market leaders like Sun can have a positive impact on a coin. In the case of Ethereum, Sun already has a large asset because it can buy more coins. This could  have a positive impact on the ETH price and the broader crypto market in the long run.

At the time of writing this article, Ethereum was trading around $3,126.54, up 1.5 percent in the last day. Although this is a minor uptrend, it is still a positive move as it appears that ETH is trying to start a recovery.