In a recent development in the cryptocurrency market, approximately $500 million worth of Ethereum (ETH) was transferred to a wallet linked to TRON founder Justin Sun.
Nearly $500 Million in Ethereum Transferred to Justin Sun Linked Wallet
According to a tweet by Lookonchain, a leading crypto analyst, Sun appears to have withdrawn 7,128 ETH from the Binance exchange, equivalent to $22.34 million.
Update:
0x4359 (possibly #JustinSun) withdrew 7,128 $ETH($22.34M) from #Binance again 7 hours ago and he had bought 154,570 $ETH($492.23M) at $3,177 since Apr 8.https://t.co/UYhZurPwcf pic.twitter.com/PGuYggfagL
— Lookonchain (@lookonchain) April 25, 2024
This transaction was completed earlier today. Additionally, Lookonchain revealed that the TRON founder purchased 154,570 ETH worth $492.23 million since April 8 at an average price of $3,177.
Sun's significant move on Ethereum not only drew attention to his trading activities, but also underlined the continued bullish sentiment of large Ethereum holders, or “whales,” towards the cryptocurrency.
Despite Ethereum's recent lackluster performance in the market, whales like Sun continue to show confidence in its long-term potential, with its price trading at $3,100, down 3.48% in the last 24 hours.
It is worth noting that while Ethereum's price experienced a slight decline, its 24-hour trading volume increased by 30.11%, reaching a total of $14.57 billion.
This increase in transaction volume shows that interest and activity in Ethereum is increasing among investors, despite market fluctuations.
Moreover, Justin Sun's recent transactions have further fueled speculation and debate within the community about the future direction of Ethereum and the broader market.
As one of the most influential figures in the crypto industry, Sun's actions often serve as a barometer for market sentiment.
*This is not investment advice.
