Recently, reports have surfaced regarding a new Ethereum (ETH) whale that has been significantly impacting the market through a buying spree. This whale, suspected to be Tron founder Justin Sun, has accumulated over $405 million worth of ETH since March 31. The activity of this whale has sparked curiosity and concern among the cryptocurrency community, leading to discussions about its potential impact on the price of Ethereum.
The blockchain research platform Lookonchain has shed light on the activities of this newly created account that has been buying ETH in large quantities since the end of March. The address associated with Justin Sun has been linked to significant ETH transactions, including a deposit of 787 million USDT to Binance on Tron, coinciding with the withdrawal made by the mysterious new address. A similar buying spree was observed from February 12 to February 24, where the alleged Justin Sun address acquired 168,396 ETH, worth around $580.5 million.
The news of Justin Sun’s alleged buying spree has elicited mixed responses from the cryptocurrency community. While some have expressed concern over the potential impact on the market and speculated about a possible dump of ETH holdings, others have viewed it as a bullish signal for the second-largest cryptocurrency. The price of Ether experienced a dip to $2,865 but began to recover over the weekend as the whale buying spree unfolded. Currently trading at $3,192, ETH has seen a 2% increase in price over the past 24 hours and a 1.5% surge in the weekly timeframe.
The recent activity in the Ethereum market, spurred by the alleged buying spree of Justin Sun, has led to increased trading activity and a rise in market capitalization. ETH’s daily trading volume has reached $11.42 billion, reflecting an 8.7% increase compared to previous levels. Additionally, the second-largest cryptocurrency has witnessed a 1.78% rise in market capitalization over the last day, indicating growing interest and investment in ETH.
The impact of the alleged Ethereum whale on the price and market dynamics of ETH has been a topic of discussion among cryptocurrency enthusiasts. While some have raised concerns about the intentions behind the buying spree, others have viewed it as a positive signal for the future price performance of Ethereum. As the market continues to react to the activities of whales like Justin Sun, it is essential for investors to conduct thorough research and make informed decisions to navigate the volatile cryptocurrency landscape.
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