The Ethereum ecosystem saw a general rise in the early morning today, with various sectors such as scaling solutions and staking experiencing significant gains. However, analysts have discovered that this surge in the market may be largely due to the influence of Justin Sun, the founder of TRON.
Previously, it was reported that Justin Sun had withdrawn 60 million pounds from Binance in a single month, with Ethereum accounting for the highest proportion of his holdings.
According to recent findings, it appears that Justin Sun may be involved in the recent market rally. On the 28th, a new address transferred 7,402 ETH from Binance, totaling a value of 23.04 million USD. A significant portion of these funds was then moved to the decentralized finance platform Aave. This behavior, which involves depositing a large amount of stablecoins into Aave, suggests a long-term strategy of holding ETH.
Following the transfer of 7,402 ETH from Binance, the suspected “Justin Sun” address added another 6,743 ETH on the same day, with a total value of 22.3 million USD and an average cost of 3,205 USD per ETH.
Analysts believe that the operation and fund size of this address closely resemble Justin Sun’s modus operandi. If these speculations are true, it means that Justin Sun has accumulated over 78,000 ETH in all his wallets since April 17th.
Related Reports
2024 in the Eyes of Crypto VCs: When Will the Bull Market Start and Which Sector Will Be the Most Profitable?
2024 is the Start of a Major Bull Market! Michael Saylor: BTC Spot ETF is the Most Important Development on Wall Street in 30 Years
Justin Sun: Holding Over a Million ETH, Will Donate Some ETH to the PoW Community if Successful in Forking