Justin Sun's Alleged Wallet Continues Ethereum Buying Spree With $41M Purchase

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A wallet suspected to beryllium to blockchain magnate Justin Sun has reportedly made different substantial purchase of Ethereum (ETH). According to a tweet by blockchain analytics steadfast Lookonchain, the wallet successful question acquired a staggering 13,780 ETH, valued astatine astir $41.24 million, from cryptocurrency speech Binance conscionable 12 hours ago.

This caller acquisition is portion of a larger buying spree that has seen the alleged Justin Sun wallet procure a whopping 168,369 ETH, worthy astir $487 million, from Binance and DEX successful little than 2 weeks. The bid of transactions attributed to Sun's wallet began accelerating this week, with important purchases noted astir daily.

On Feb. 23, the suspected wallet added different 18,616 ETH, equivalent to $54.57 million, to its holdings from Binance. This followed previous acquisitions connected Feb. 21, wherever the wallet bought 12,702 ETH ($36.9M) and 10,136 ETH ($29.76M), and connected Feb. 19, a monolithic acquisition of 54,721 ETH amounting to $154.4 million, among different transactions recorded connected earlier dates.

Ethereum accumulation trend

This flurry of enactment from the alleged wallet of Justin Sun, the laminitis of TRON and a salient fig successful the cryptocurrency world, has sparked discussions and speculation wrong the crypto community. While Sun has not confirmed these transactions, the size and frequence of the purchases are accordant with the moves of a high-profile capitalist similar him.

The buying spree comes astatine a clip erstwhile Ethereum has been experiencing a important surge successful value. The terms of Ethereum has recently breached the $3,000 mark, with the existent terms lasting astatine $3,022. This represents a 2.18% summation successful the past 24 hours and a important 35.88% emergence implicit the past 30 days. The year-on-year show is adjacent much impressive, with the ETH terms soaring by 88.62%.

The aggressive accumulation of Ethereum and the concurrent terms surge person led to assorted interpretations. Some analysts suggest that these large-scale purchases could beryllium a bullish awesome for Ethereum, indicating a beardown content successful the semipermanent imaginable of the platform. Others speculate that this could beryllium portion of a broader strategy by Sun oregon affiliated parties, perchance amid Ethereum ETF speculations.