Whale Watch
Whale transactions are big news in the crypto world, and Justin Sun, founder of TRON, is no exception. Recently, he’s been making some significant moves.
New Wallet, New Purchases
Lookonchain, an on-chain analytics platform, has noticed a new wallet receiving 7,402 ETH ($23.3 million) and 95.67 million USDT from Binance. The identity of the wallet is unknown, but it’s believed to be linked to Sun based on similar accumulation patterns in the past.
Accumulating Ethereum
This new wallet joins two others that have been linked to Sun and have been accumulating Ethereum and USDT from Binance. Wallet 0x4359 alone has purchased 154,570 ETH ($492.23 million) since April 8.
Bullish on Ethereum
Sun’s accumulation comes at a time when Ethereum is showing signs of bullish sentiment. Investors have been withdrawing large amounts of ETH from exchanges, and the price has been consolidating in a positive range.
Ethereum’s Price Outlook
At the time of writing, Ethereum is trading at $3,308, up by almost 5% in the past 24 hours. This price rebound could continue into the coming week, pushing Ethereum into positive gains for the month.
