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A wallet suspected to belong to blockchain magnate Justin Sun has reportedly made another substantial purchase of Ethereum (ETH). According to a tweet by blockchain analytics firm Lookonchain, the wallet in question acquired a staggering 13,780 ETH, valued at approximately $41.24 million, from cryptocurrency exchange Binance just 12 hours ago.
The suspected #JustinSun wallet bought 13,780 $ETH($41.24M) from #Binance again 12 hours ago.
— Lookonchain (@lookonchain) February 25, 2024
He bought 168,369 $ETH($487M) at $2,894 from #Binance and #DEX in less than 13 days!😱https://t.co/HOLrbULDJB pic.twitter.com/zhJMQJGgq9
This recent acquisition is part of a larger buying spree that has seen the alleged Justin Sun wallet procure a whopping 168,369 ETH, worth around $487 million, from Binance and DEX in less than two weeks. The series of transactions attributed to Sun's wallet began accelerating this week, with significant purchases noted almost daily.
On Feb. 23, the suspected wallet added another 18,616 ETH, equivalent to $54.57 million, to its holdings from Binance. This followed previous acquisitions on Feb. 21, where the wallet bought 12,702 ETH ($36.9M) and 10,136 ETH ($29.76M), and on Feb. 19, a massive purchase of 54,721 ETH amounting to $154.4 million, among other transactions recorded on earlier dates.
Ethereum accumulation trend
This flurry of activity from the alleged wallet of Justin Sun, the founder of TRON and a prominent figure in the cryptocurrency world, has sparked discussions and speculation within the crypto community. While Sun has not confirmed these transactions, the size and frequency of the purchases are consistent with the moves of a high-profile investor like him.
The buying spree comes at a time when Ethereum has been experiencing a significant surge in value. The price of Ethereum has recently breached the $3,000 mark, with the current price standing at $3,022. This represents a 2.18% increase in the last 24 hours and a substantial 35.88% rise over the last 30 days. The year-on-year performance is even more impressive, with the ETH price soaring by 88.62%.
The aggressive accumulation of Ethereum and the concurrent price surge have led to various interpretations. Some analysts suggest that these large-scale purchases could be a bullish signal for Ethereum, indicating a strong belief in the long-term potential of the platform. Others speculate that this could be part of a broader strategy by Sun or affiliated parties, potentially amid Ethereum ETF speculations.