Ethereum

Shiba

Million

April

Shiba Inu

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Tron founder Justin Sun is on a massive Ethereum buying spree, as data analytics platforms and tracking site Lookonchain has pointed out. The Lookonchain data&nbsp;<a href="https://twitter.com/lookonchain/status/1782253466490175642" rel="noopener noreferrer nofollow">revealed</a> that from April 8 to date, Justin Sun has acquired a total of 127,388 ETH worth approximately $405.19 million.&nbsp;
While the wallets linked to Justin Sun have a rich track record of buying Ethereum, they also have robust selling activities as well. Since at least March 31, the wallet has reportedly deposited 787 million USDT to Binance on Tron, a move that adds further intrigue to the whale’s trading activities.
The wallet that stacked up $405.19 million worth of Ethereum, as linked to Justin Sun, has a relatively young age of about three weeks. Older records show that other wallets associated with Justin Sun have been making similar acquisitions overall.&nbsp;
Earlier&nbsp;<a href="https://u.today/tron-founder-justin-sun-buys-almost-300-million-in-ethereum-in-less-than-10-days" rel="noopener noreferrer nofollow">reports</a> show that a wallet linked to Sun acquired a total of 168,369 ETH worth approximately $487 million at $2,894 between Feb. 12 and Feb. 24. These&nbsp;<a href="https://u.today/justin-suns-alleged-wallet-continues-ethereum-buying-spree-with-41m-purchase" rel="noopener noreferrer nofollow">acquisitions</a> were made on both Binance and decentralized exchanges (DEX). While the activities of these two wallets are similar, they remain speculatively linked to Justin Sun.
<blockquote>
 Did <a href="https://twitter.com/hashtag/JustinSun?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#JustinSun</a> buy 127,388 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($405.19M) since Apr 8?The wallet suspected of being <a href="https://twitter.com/hashtag/JustinSun?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#JustinSun</a> has deposited 787M <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USDT</a> to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> on <a href="https://twitter.com/hashtag/Tron?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Tron</a> since Mar 31.Also on Mar 31, a mysterious wallet was created on <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a> and withdrew $96.8M stablecoins from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a>.Is this a… <a href="https://t.co/OcEovodUrc" rel="noopener noreferrer nofollow">pic.twitter.com/OcEovodUrc</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1782253466490175642?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 22, 2024</a>
</blockquote>
<h2 id="why-is-justin-sun-buying-ethereum">Why is Justin Sun buying Ethereum?</h2>
With the two wallets stacking up a total of 295,757 ETH valued at $891 million at an average price of $3,014, it becomes obvious that the whale might know something.
For Justin Sun, huge trades linked to him are typically justified as a way to spread liquidity across his various business ventures. There are&nbsp;<a href="https://u.today/heres-how-much-shiba-inu-shib-tron-founder-justin-sun-transferred-out-of-major-exchange" rel="noopener noreferrer nofollow">related trades</a> featuring Shiba Inu (SHIB), as Sun is ranked as one of the biggest whales holding Shiba Inu at a time.
While Ethereum remains the de facto smart contract pioneer with a robust DeFi ecosystem, the Justin Sun trades are essentially further proof that the ecosystem leads in terms of liquidity influx.

Justin Sun Bags over $405 Million in Ethereum (ETH) in Days

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