Justin Sun-Linked Wallet Buys Massive Bag of ETH Worth $405.19 Million: What’s the Secret?
On-chain data and analytics platform Lookonchain unveiled significant transactions made by Tron founder Justin Sun. As per their recent findings, Sun bought a total of 127,388 ETH, approximately worth $405.19 million.
Apart from the huge buying spree, Lookonchain also revealed that on March 31, the same wallet addressed sent 787 million USDT to Binance on Tron. This move has left analysts curious about the trading activities of the whale.
According to analysts, the wallet holding the $405.19 million worth of ETH linked to Justin Sun was created just about 3 weeks ago. Notably, other wallets associated with him have also been making similar purchases.
In another significant revelation, another wallet tied to the TRON co-founder acquired a total of 168,369 ETH worth roughly $487 million, with each ETH bought at $2,894. These purchases were made across Binance and decentralized exchanges.
Why is Justin Sun Buying Ethereum?
With a combined 295,757 ETH worth $891 million at an average price of $3,014, it is evident that he might be up to something.
Large trades involving Justin Sun are often seen as a way to increase liquidity for his various business ventures.
Speculations are rife that these transactions could be related to Shiba Inu, considering Sun was ranked as one of the largest Shiba Inu whales at one point.
While Ethereum remains the de-facto smart contract leader with its robust DeFi ecosystem, Justin Sun’s trades serve as further evidence of the ecosystem leading the liquidity charge.
