According to reports, a wallet thought to be owned by blockchain tycoon Justin Sun has made yet another significant purchase of Ethereum (ETH). In just 12 hours, the wallet in issue purchased an astounding 13,780 ETH, or around $41.24 million, from cryptocurrency exchange Binance, according to a tweet from blockchain analytics company Lookonchain.
This latest purchase is a part of a bigger purchasing binge that in less than two weeks has seen the same Justin Sun wallet purchase an incredible 168,369 ETH from Binance and DEX, valued at around $487 million. This week, the number of transactions linked to Sun’s wallet started to pick up speed; large purchases were recorded practically every day.
https://x.com/lookonchain/status/1761621094417797579?s=20
The suspected wallet increased its holdings from Binance by 18,616 ETH, or $54.57 million, on February 23. This came after the wallet made purchases of 12,702 ETH ($36.9M) and 10,136 ETH ($29.76M) on February 21 and 19, respectively, as well as a large buy of 54,721 ETH totaling $154.4 million on February 19.
Ethereum accumulation trend
The crypto community is talking and speculating about this sudden surge of activity from the purported wallet of Justin Sun, a well-known cryptocurrency personality and TRON pioneer. The quantity and regularity of the purchases are in line with the acts of a well-known investor such as Sun, even if he has not verified these transactions.
The purchasing frenzy coincides with Ethereum’s recent sharp increase in value. With a current price of $3,022, Ethereum has recently surpassed the $3,000 threshold. This indicates a significant growth of 35.88% over the past 30 days and an increase of 2.18% in the previous 24 hours. The price of ETH has increased by 88.62% year over year, making the performance even more remarkable.
The rapid buildup of Ethereum and its corresponding price increase have given rise to several interpretations. These significant purchases, according to some analysts, may be a positive indication for Ethereum, showing a strong conviction in the platform’s long-term potential. Others surmise that this may be a component of Sun’s or related parties’ larger plan, possibly in the context of Ethereum ETF rumours.
