In the cryptocurrency world, Ethereum, which has been a leading altcoin, is showing signs of stabilization. After dipping below $3,000, Ethereum’s price has rebounded, recently climbing to $4,000. This resurgence has gained momentum over the past 24 hours. Notably, Justin Sun, the founder of Tron (TRX), has been involved in significant Ethereum transactions during this period.
Justin Sun and Ethereum Transactions
Justin Sun, often dubbed the “bad boy” of cryptocurrencies, has made a notable Ethereum purchase. Data from on-chain analysis firm Spot On Chain reveals that Sun bought 14,436 ETH from Binance. The transaction involved the withdrawal of approximately $45.51 million worth of ETH by a wallet address linked to Sun.
This activity took place around 22 hours before a deposit of 45 million USDT was made to Binance three days ago. At that time, the value of ETH was roughly 3,117 USDT. Since February 8, Sun has amassed around 377,188 ETH at an average price of $3,049, using three different wallets for these transactions.
What is Ethereum’s Current Price?
Despite a 10% drop in ETH’s price after Sun’s earlier purchases, leading to an unrealized loss, Sun continued to make significant acquisitions. He typically sends stablecoins to exchanges before purchasing ETH. Currently, Ethereum’s price stands at $3,390, marking a 4.5% increase in the last 24 hours and a 14% rise over the past week.
Ethereum’s market cap has now exceeded $408 billion, and its 24-hour trading volume has surged past $15 billion, reflecting a 49.5% increase and renewed investor interest.
Key Takeaways for Investors
- Justin Sun has acquired large quantities of ETH, indicating potential confidence in its future performance.
- Sun’s method involves transferring stablecoins to exchanges before making significant ETH purchases.
- Current Ethereum price trends show a positive trajectory, with substantial increases in market cap and trading volume.
In conclusion, Justin Sun’s recent activities underline his continued interest in Ethereum, despite past price fluctuations. His strategic purchases and the recent market data suggest a renewed optimism among investors for Ethereum’s future.