Reports show that a new Ethereum (ETH) whale has been on a buying spree recently. This whale bought over $405 million worth of ETH since March 31 and is suspected to be Tron founder Justin Sun. Sun is also linked to another address that made massive ETH moves this year.
A New Whale On The Horizon, Is It Justin Sun?
The blockchain research platform Lookonchain revealed that a whale has gone on an Ethereum buying frenzy over the past few weeks. The newly created account started buying ETH from crypto exchanges on March 31.
According to the post, the mysterious wallet first withdrew $96.8 million stablecoins from the crypto exchange Binance. Then, the whale started buying Ethereum from Binance and Decentralized Exchanges (DEX).
Did #JustinSun buy 127,388 $ETH($405.19M) since Apr 8?
The wallet suspected of being #JustinSun has deposited 787M $USDT to #Binance on #Tron since Mar 31.
Also on Mar 31, a mysterious wallet was created on #Ethereum and withdrew $96.8M stablecoins from #Binance.
Is this a… pic.twitter.com/OcEovodUrc— Lookonchain (@lookonchain) April 22, 2024
From April 8 to April 20, the address bought 127,388 ETH, worth around $405.19 million, at an average price of $3,172 per token. According to the research platform, the activity from this new address is similar to that of the alleged Justin Sun address.
Although the possibility of a coincidence is not ruled out, the activity between the two addressed seems to suggest otherwise. On March 31, the address Sun was suspected of owning made a significant deposit of 787 million USDT to Binance on Tron, which coincided with the withdrawal made by the mysterious new address.
As reported by NewsBTC, Justin Sun’s alleged wallet also went on a similar buying spree from February 12 to February 24. At the time, the address acquired 168,396 ETH, worth around $580.5 million, for an average price of $2,894.
Lookonchain considers that the similarities hint that these addresses are likely owned by Sun. If so, Justin Sun has bought 295,757 ETH, worth $891 million, in the past two months.
Ethereum Price Recovers Amid Whale Accumulation
X users expressed concern over Sun’s alleged movements. At the time of the first report, some considered the transaction suspicious.
One user affirmed that Sun would be “the reason of the next market crash.” Others believe it was time to question whether Sun would dump his ETH bag. However, the possibility of him accumulating for the approval of spot Ethereum exchange-traded funds (ETF) was brought up.
The latest news of Sun’s alleged buying spree received a more positive response. A user considered it a bullish signal for the second-largest cryptocurrency, as the token could benefit from whale accumulation.
On Friday, Ether’s price dipped to $2,865, a level not seen since late February. Over the weekend, however, ETH began to recover from its recent fall as the whale buying spree occurred.
Since then, the “king of altcoins” regained the $3,100 support level, currently trading at $3,192. The recovery represents a 2% increase from its price 24 hours ago and a 1.5% surge in the weekly timeframe.
Moreover, ETH’s daily trading activity has increased by 8.7%, with a daily trading volume of $11.42 billion. Similarly, the second-largest cryptocurrency has seen a 1.78% rise in market capitalization during the last day.
Ethereum's price performance in the 7-day chart. Source: ETHUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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