Justin Sun’s Ethereum Accumulation Sparks Market Speculation
Tron founder Justin Sun has once again caught the attention of market watchers with his massive purchase of Ethereum. Recent blockchain analysis suggests that Sun may be taking advantage of the current market decline to increase his ETH holdings.
Suspicious Wallet Activity Raises Eyebrows
According to data shared by Ember CN, it is suspected that Justin Sun’s new wallet address has purchased a large amount of Ethereum. The address, created a few hours ago, withdrew 38 million USDT from the HTX exchange and used 37 million USDT to purchase 16,236 ETH at an average price of $2,279. Several factors suggest Sun has the wallet, including recent large transfers of USDT to HTX and consistent purchase behavior.
Sun Denies Position Liquidation amid Market Turbulence
In response to market speculation, Justin Sun denied rumors that his positions were liquidated. He stated that he rarely engages in leveraged trading strategies and prefers activities that provide greater support to the industry. Despite the recent market rout that saw Ethereum fall to $2,100, Sun’s Ethereum accumulation continues to grow, totaling approximately $1.15 billion since February 8, 2024.
The global cryptocurrency market value also fell below the $1.8 trillion level, adding to the uncertainty in the market. As investors closely monitor Sun’s activities, the crypto community remains divided on the implications of his significant Ethereum purchases amidst a volatile market landscape.
