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Justin Sun Bags over $405 Million in Ethereum (ETH) in Days

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Mon, 22/04/2024 - 9:03
Justin Sun Bags over $405 Million in Ethereum (ETH) in Days
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Tron founder Justin Sun is on a massive Ethereum buying spree, as data analytics platforms and tracking site Lookonchain has pointed out. The Lookonchain data revealed that from April 8 to date, Justin Sun has acquired a total of 127,388 ETH worth approximately $405.19 million. 

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While the wallets linked to Justin Sun have a rich track record of buying Ethereum, they also have robust selling activities as well. Since at least March 31, the wallet has reportedly deposited 787 million USDT to Binance on Tron, a move that adds further intrigue to the whale’s trading activities.

The wallet that stacked up $405.19 million worth of Ethereum, as linked to Justin Sun, has a relatively young age of about three weeks. Older records show that other wallets associated with Justin Sun have been making similar acquisitions overall. 

Earlier reports show that a wallet linked to Sun acquired a total of 168,369 ETH worth approximately $487 million at $2,894 between Feb. 12 and Feb. 24. These acquisitions were made on both Binance and decentralized exchanges (DEX). While the activities of these two wallets are similar, they remain speculatively linked to Justin Sun.

Why is Justin Sun buying Ethereum?

With the two wallets stacking up a total of 295,757 ETH valued at $891 million at an average price of $3,014, it becomes obvious that the whale might know something.

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For Justin Sun, huge trades linked to him are typically justified as a way to spread liquidity across his various business ventures. There are related trades featuring Shiba Inu (SHIB), as Sun is ranked as one of the biggest whales holding Shiba Inu at a time.

While Ethereum remains the de facto smart contract pioneer with a robust DeFi ecosystem, the Justin Sun trades are essentially further proof that the ecosystem leads in terms of liquidity influx.

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