godfrey benjamin
Tron's Justin Sun talks about his massive $405 million Ethereum buyout
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As data analysis platform and tracking site Lookonchain points out, Tron founder Justin Sun has been a major buyer of Ethereum. Lookonchain data revealed From April 8th to now, Justin Sun has acquired a total of 127,388 ETH (equivalent to approximately $405.19 million).
The wallet linked to Justin Sun has an extensive track record of purchasing Ethereum, but it also has strong sales activity as well. Since at least March 31st, this wallet has reportedly deposited 787 million USDT into Binance on Tron, a move that adds further intrigue to the whale's trading activities.
The wallet associated with Justin Sun, which has accumulated $405.19 million worth of Ethereum, is relatively young, having been in use for about three weeks. Old records indicate that other wallets associated with Justin Sun have made similar acquisitions across the board.
Previous reports indicate that a Sun-linked wallet acquired a total of 168,369 ETH from February 12th to February 24th, worth approximately $487 million for a total of $2,894. These acquisitions were made on both Binance and decentralized exchanges (DEXs). Although the activity of these two wallets is similar, there is still speculation that they may be linked to Justin Sun.
Why is Justin Sun buying Ethereum?
With a total of 295,757 ETH (worth $891 million, average price $3,014) piled up in two wallets, it's clear that the whales might know something.
For Justin Sun, the huge deals associated with him are usually justified as a way to spread liquidity across his various businesses. There are also related deals featuring the Shiba Inu (SHIB), as Sun ranks as one of the largest Shiba Inu owners at one time.
While Ethereum continues to be the de facto smart contract pioneer with a robust DeFi ecosystem, Justin Sun's trade essentially further strengthens the ecosystem's lead in terms of liquidity inflows. I'm proving it.
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godfrey benjamin
