Wallet Suspected to be Justin Sun Buys $487M of ETH in Two Weeks

• A whale wallet acquires $487M of ETH in two weeks, fueling speculation in the community.
• The wallet is suspected to belong to Justin Sun.
• Ethereum’s value breaches $3,000 as the wallet continues to build its positions
  

In a recent revelation, a wallet believed to be associated with Tron magnate Justin Sun has spent a significant amount of Ethereum. Reports from Lookonchain unveil a staggering purchase of 13,780 ETH, valued at approximately $41.24 million, from cryptocurrency exchange Binance within the last 12 hours.

This transaction adds to a series of substantial acquisitions totalling 168,369 ETH, equivalent to approximately $487 million, within a mere two weeks. The frequency of these transactions is increasing and has captured attention across the cryptocurrency sphere.

On Feb. 23 alone, the suspected wallet procured an additional 18,616 ETH ($54.57M), following previous purchases on Feb. 21 and 19, amounting to millions of dollars each. These acquisitions coincide with Ethereum’s remarkable surge in value, breaching the $3,000 mark and maintaining a robust upward trajectory.

Justin Sun has not confirmed involvement in these transactions.

As discussions surrounding these transactions intensify, Ether’s current price stands at $3,100, marking a notable 1.94% increase in the last 24 hours and an impressive 39.88% rise over the past month. With a remarkable 94.62% surge in the last year, Ether’s trajectory continues to captivate investors and industry observers.

Recently, Justin Sun has gained notoriety in the cryptocurrency market. A well-known crypto YouTube channel, “Discover Crypto,” has put forward the argument that the HTX exchange, which is being advised by Justin Sun, could become the next FTX. All of this is happening amid the controversy surrounding Justin Sun’s alleged scandals.