Tron Founder Justin Sun and Unknown Whale Accumulate $182 Million Worth of Ethereum
New data from blockchain tracking firm Lookonchain reveals that Tron (TRX) founder Justin Sun and an unidentified crypto whale have been acquiring large amounts of Ethereum (ETH) in the past two weeks. Since December 26th, Sun and the mystery entity have accumulated over $182 million worth of ETH.
Massive ETH Purchases by “Whale 0x9314”
Lookonchain highlights a wallet starting with 0x9314 that has purchased a total of $143 million in ETH since January 1st from a decentralized exchange (DEX). The whale known as “0x9314” spent $48 million to buy 21,192 ETH at $2,265 from the DEX. Since the beginning of the year, this entity has bought a total of 79,980 ETH ($143 million).
Justin Sun’s ETH Withdrawals
In addition to the unidentified whale, Lookonchain also observed that Justin Sun withdrew a total of $39.2 million worth of ETH from Binance since December 26th. It is speculated that Sun moved these funds to cold storage for safekeeping.
Paradigm’s ETH Deposits to Coinbase
Lookonchain also tracked crypto-focused venture capital firm Paradigm sending large amounts of ETH to Coinbase, one of the top US crypto exchanges. This suggests that Paradigm may be planning to sell off its ETH holdings on the open market. The firm is known for accumulating ETH during bear markets and selling during bull markets.
Current ETH Price
As of now, the price of ETH is trading at $2,248.
Hot Take: Justin Sun and Unidentified Whale Amass Huge Ethereum Holdings
In recent weeks, Tron founder Justin Sun and an unknown crypto whale have been accumulating vast amounts of Ethereum. With on-chain data revealing purchases worth over $182 million, it is clear that these entities are confident in the potential of ETH. Additionally, crypto-focused venture capital firm Paradigm has been depositing large amounts of ETH to Coinbase, indicating a potential plan to sell during market rallies. As the price of Ethereum continues to rise, it will be interesting to see how these strategic moves play out in the crypto market.
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