Ethereum Price Drop
After a market crash on Friday, Ethereum’s price plummeted by 10%. This revealed some interesting information about Justin Sun’s Ethereum investments.
Justin Sun’s Ethereum Holdings
According to blockchain analytics platform Spot on Chain, Sun allegedly purchased 361,000 ETH (worth $1.1 billion) over the past five months. The investments were made through three different wallet addresses.
Potential Loss
With the Ethereum price drop, Sun’s alleged investments have lost an estimated $66 million.
Bitcoin Sell-Off and German Government Offer
The Ethereum price decline was likely triggered by a massive Bitcoin sell-off by the US and German governments. Interestingly, Sun offered to purchase the German government’s remaining Bitcoin holdings in a private transaction.
Market Recovery
Despite the crash, Ethereum has shown resilience and is currently trading at $2,975, up 5% from its low.
Other Market Gains
While the overall market is still down, some assets like Solana, Avalanche, and Shiba Inu have recorded gains. Dogwifhat, a meme coin, has seen the highest daily gain of 12.28%.
