According to blockchain sleuth @lookonchain, a wallet believed to belong to Justin Sun, the inventor of the Tron blockchain, made another big Ethereum purchase in less than 30 minutes on February 21.
The aforementioned cryptocurrency tracker reveals how much Ethereum Sun purchased using this wallet in less than ten days.
Justin Sun’s cumulative Ethereum purchases
In a remarkable turn of events, Justin Sun, the inventor of one of the largest cryptocurrencies, Tron (TRX), made two enormous Ethereum purchases in under 30 minutes, removing 12,702 ETH from the Binance market. This much of the second largest cryptocurrency is worth around $40 million in cash.
Previously, the same “suspected Justin Sun wallet” bought 10,136 ETH on the same cryptocurrency trading site. Overall, in less than ten days, Justin Sun’s wallet has accumulated about $300 million in cryptocurrency, including 104,055 ETH.
https://x.com/lookonchain/status/1760328710472003687?s=20
Justin Sun is not the only significant investor who has lately purchased Ethereum. According to U.Today, an unidentified whale made a massive investment in this cryptocurrency by acquiring 58,134 ETH over the previous three days, using the Binance and 1inch exchanges for payment transfers.
Ethereum briefly surpasses $3,000
Earlier today, Ethereum, the second-largest cryptocurrency by market capitalization value, momentarily surpassed the $3,000 barrier, as many in the cryptocurrency community had predicted.
The price rise amounted to 4.24%. However, ETH failed to hold at that height and fell 2.05% to $2,978, where it is now trading.
Ethereum mostly achieved that level for the first time since mid-April 2022, as the community expects spot Ethereum ETFs to be allowed shortly. The banking behemoth Standard Chartered stated that the Securities and Exchange Commission, which regulates the US market, will approve these exchange-traded products by May 23. If this happens, the bank predicts, Ethereum would rise to the enormous $4,000 price threshold.
The price rise would be driven by increased demand for Ethereum from potential Ethereum ETF issuers, like Grayscale and BlackRock. Both firms have previously created spot-based Bitcoin ETFs, which have been trading since January 11.
