Justin Sun, the founder of Tron, withdrew 19,000 ETH worth approximately $60.83 million and transferred it to HTX, drawing attention in the crypto market. This transaction coincides with large Ethereum investors (whales) beginning to sell portions of their holdings.
Justin Sun’s Profit Status
Justin Sun’s recent ETH sales are estimated to have netted him around $69.36 million, reflecting a 5.69% gain due to Ethereum’s price increase.
Data from SpotonChain indicates that this transaction is part of a larger acquisition strategy, with Sun purchasing a total of 392,474 ETH between February 8 and August 5 across three separate wallets.
Sun invested $1.19 billion in Ethereum at an average purchase price of $3,027 per ETH. Although the recent ETH sale represents only a small fraction of his total holdings, it took place amid a 29% increase in Ethereum’s price over the past week, reaching $3,200 following Donald Trump’s election victory.
After struggling around the $2,500 level, the market has seen this remarkable rally.
Community Reactions
Investors are closely watching Ethereum’s movements, with some speculating that Justin Sun might be “pumping meme Tron” like $sundog.
Meanwhile, many view this as a positive signal for ETH. Additionally, Vitalik Buterin transferred 200 ETH worth $530,000 to Kraken, and two Ethereum whales sold 33,701 ETH worth approximately $89.72 million, contributing to a 13.75% rise in ETH’s price.
Ethereum (ETH) Prepares for a Major Surge to $8,000 – Here’s Why!
This year, the largest altcoin, Ethereum (ETH), has consistently shown weaker performance than Bitcoin, lagging behind even some of its closest competitors like Solana, Cardano, and XRP.
However, this trend seems poised to change. Analysts believe that Ethereum is gearing up for a strong rally and could reach $8,000 by 2025.
At the time of writing, Ethereum’s price has surged by 7.8% in the last 24 hours, now exceeding $3,270 and trading at $2,844—its highest level since August.
Ethereum Outperforms BTC and SOL
DeFi analyst Miles Deutscher notes that ETH has outperformed both Bitcoin (BTC) and Solana (SOL) in the last 24 hours.
Renowned analyst Benjamin Cowen has also argued that the ETH/BTC ratio may have reached its lowest point, indicating the potential for a stronger Ethereum rally ahead.
Most notably, major investor Dan Tapiero has voiced his confidence in Ethereum’s future, predicting a significant price increase. The billionaire believes ETH could surpass $8,000 by next year.
