Justin SunFounder of Tron, a decentralized blockchain operating system, joins Spot Ethereum ETFs FOMO group with $5 million investment Ethereum (ETH)the second largest cryptocurrency in the world.
Tron Founder Buys $5 Million Worth of ETH
WX (formerly Twitter) fasting On July 11, Spot On Chain, an AI-powered blockchain analytics platform, discovered modern Ethereum Transaction allegedly made by Sun. According to the analytics platform, the Tron founder allegedly spent $5 million to buy 1,614 ETH tokens at an approximate price of $3,097 per ETH.
Spot On Chain revealed that since February 8, 2024, Sun has allegedly purchased a total of 362,751 ETH tokens at an estimated cost of over $1.11 billion, with an average price of $3,047 per ETH. This massive ETH transaction was conducted through three crypto wallet addresses.
In addition, the analytics platform noted that the Tron founder recently deposited 45 million USDT on Binance, a major cryptocurrency exchange, suggesting the possibility of modern intention to buy more Ethereum soon. The cryptocurrency founder often received ETH coins from Binance right after depositing his stablecoin on the exchange.
Interestingly, Sun’s latest ETH purchase is the result of fear of missing out on an opportunity. Spot ETFs Ethereum is growing stronger in the cryptocurrency market. Earlier in June, Gary GenslerThe chairman of the U.S. Securities and Exchange Commission (SEC) announced that spot trading of the Ethereum ETF will officially begin in the summer. As a result, the broader cryptocurrency market has been eagerly awaiting the debut of the digital asset that could potentially trigger a huge rally for ETH.
Before buying ETH for $5 million, Sun allegedly noted huge loss after Ethereum fell 10% on July 7. Spot On Chain revealed that the founder of Tron could have lost $66 million Unstable marketwiping out an initial profit of $58 million it had achieved just a day earlier.
Ethereum Whales Enter Accumulation Phase
Despite Ethereum’s recent declines, fear of depreciation, and excitement surrounding it Spot ETFs Ethereum could trigger a change in market sentiment and investor demand for the cryptocurrency. According to prominent cryptocurrency analyst Ali Martinez, Ethereum whales are back to accumulating ETH.
Analyst revealed that the cryptocurrency experienced a compact distribution period, potentially triggered by Ethereum’s needy market performance and subsequent decline to $3,055 at the time of writing. In addition to ETH, Bitcoin (BTC) also fell significantlyfalling more than 14% in the past month.
While whales are showing renewed interest in Ethereum, cryptocurrency analysts are predicting further price declines for the cryptocurrency following the launch of the Spot Ethereum ETF. However, with the demand for the Ethereum ETF increasing and market conditions stabilizing, the price of ETH could potentially rise as high as $8,000 in this market cycle.
Featured image created with Dall.E, chart from Tradingview.com
