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In the realm of cryptocurrencies, Ethereum, which has long dominated the altcoin market, seems to be stabilizing. Ethereum’s price had dropped below $3,000 in recent months but later recovered, reaching up to $4,000. Currently, the price has moved out of its decline, and the rise has accelerated in the last 24 hours. During this period, significant news also came from Justin Sun.
Justin Sun and Ethereum
It was announced that Justin Sun, the founder of Tron (TRX) and known as the “bad boy” of cryptocurrencies, conducted a significant transaction involving Ethereum (ETH). According to data provided by on-chain analysis firm Spot On Chain, Sun purchased 14,436 ETH from Binance (BNB).
In the mentioned transaction, it was stated that approximately $45.51 million worth of 14,436 ETH was withdrawn from Binance by the wallet address 0x43594da5d6a03b2137a04df5685805c676def7cb, which is reportedly owned by Justin Sun.
The transaction occurred approximately 22 hours before a deposit of 45 million USDT was made to Binance about three days ago. At the time of the transaction, ETH’s approximate value was 3,117 USDT.
It was noted that since February 8, Sun has purchased an average of 377,188 ETH at an average value of $3,049. It is known that three different wallets have been used in these purchase transactions so far.
Among these purchases are 169,604 ETH acquired in February at an average price of $2,870, 192,168 ETH purchased in April and July at a price level of $3,175, and 15,416 ETH bought in June at an average price of $3,474.
What is Ethereum’s Current Price?
Following Sun’s past purchases, ETH’s price had dropped by approximately 10%, resulting in an unrealized loss. Despite this, Sun continued his notable acquisitions.
Sun’s method of purchasing also drew attention. Before buying ETH, he sends stablecoins to exchanges and then proceeds with the ETH purchase.
Looking at Ethereum’s current status, the price is at $3,390 after a 4.5% increase in the last 24 hours. A 7-day review shows that ETH’s rise is over 14%.
ETH’s market cap has surpassed $408 billion, while its 24-hour trading volume has exceeded $15 billion after a 49.5% increase, indicating renewed investor interest.
