Main navigation

Justin Sun Buys $5 Million in Ethereum (ETH), Price Rally Coming?

Advertisement
Thu, 11/07/2024 - 11:24
Justin Sun Buys $5 Million in Ethereum (ETH), Price Rally Coming?
Cover image via youtu.be

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

SpotOnChain has reported that a suspected wallet of TRON founder Justin Sun is buying the Ethereum (ETH) dips. He reportedly purchased 1,614 ETH at the $3,097 price level. Sun spent around $5 million in USDT to make this purchase.

Advertisement

This is a notable development for ETH as it comes at a time when the coin has been trying to recover from its recent losses. Moreover, Justin Sun is a notable personality in the crypto realm. Such moves by Sun can leave a strong impact on the market.

Additionally, SpotOnChain revealed that the TRON founder has been buying ETH continuously. He has allegedly acquired 362,751 ETH since Feb. 8. Three different wallets were used to buy these coins at the price level of $3,047. The estimated cost of these ETH purchases is around $1.11 billion.

It appears that Justin Sun is not done with Ethereum yet. Per SpotOnChain, he has also deposited around 45 million USDT to crypto exchange Binance recently. This move shows that he may be using this USDT holding to buy more Ethereum in the coming days. These potential purchases are expected to boost ETH.

Impact on Ethereum price

As mentioned above, significant purchases by market leaders like Sun can leave a positive impact on a coin. In the case of Ethereum, Sun already has a major holding, as he may buy more coins. This can have a positive impact on the ETH price and the broader crypto market in the long term.

As of writing this article, Ethereum is trading around $3,126.54, an increase of 1.5% over the past day. While this is a minor upward trend, it is still a positive move, as it appears that ETH is trying to initiate a recovery. Moreover, Justin Sun’s significant ETH purchases are expected to inject bullish momentum onto the market.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD