Blockchain sleuth @lookonchain has reported that a wallet that may belong to the founder of the Tron blockchain Justin Sun conducted another massive purchase of Ethereum within merely 30 minutes on Feb. 21.
The aforementioned cryptocurrency tracker revealed how much Ethereum Sun bought through this wallet in less than 10 days.
Justin Sun\'s cumulative Ethereum purchases
In a significant turn of events, the founder of one of the largest cryptocurrencies, Tron (TRX), Justin Sun, made two massive Ethereum purchases within just 30 minutes, withdrawing 12,702 ETH from the Binance exchange. This amount of the second largest cryptocurrency is evaluated at approximately $40 million in fiat.
Earlier, the same “suspected Justin Sun wallet” purchased 10,136 ETH from the same crypto trading platform. Overall, within less than a consecutive 10 days, Justin Sun’s wallet has accumulated almost $300 million worth of crypto – a whopping 104,055 ETH.
The suspected #JustinSun wallet bought 12,702 $ETH($36.9M) again In the past 30 mins.
In less than 10 days, he bought 104,055 $ETH($296M) at $2,846 from #Binance and #DEX!😱
And $ETH Buying is going on!https://t.co/wRpBkwcEcf pic.twitter.com/ow15DHcpTR
— Lookonchain (@lookonchain) February 21, 2024
Justin Sun has not been the only large investor scooping up Ethereum recently. As reported by U.Today, an anonymous whale made a gigantic investment into this cryptocurrency by purchasing 58,134 ETH within the last three days using Binance and 1inch exchanges for their fund transfers.
Ethereum briefly surpasses $3,000
Earlier today, the second-biggest cryptocurrency in terms of market capitalization value, Ethereum, briefly surged above the $3,000 level, as was expected by many in the cryptocurrency space.
The price increase constituted 4.24%. ETH failed to hold at that peak, though, and went back down 2.05%, landing at the $2,978 mark where it is exchanging hands at the time of this writing.
Ethereum largely reached that high for the first time since mid-April 2022 in light of the community expecting spot Ethereum ETFs to be approved soon. Standard Chartered banking giant announced its forecast that the Securities and Exchange Commission regulator of the U.S. market will grant approval for these exchange-traded products by May 23. Should this happen, the bank continues, Ethereum is likely to skyrocket to the colossal $4,000 price mark.
The price surge would be driven by rising demand for Ethereum coming from potential Ethereum ETF issuers – among them Grayscale and BlackRock. Both funds have already launched spot-based Bitcoin ETFs – they have been trading since Jan. 11.