The crypto community was in an uproar on February 19th after a wallet linked to Tron founder Justin Sun swallowed up $161 million worth of Ether. This whale-sized purchase could shock the market, spark speculation and signal a positive outlook for the world’s second-largest cryptocurrency.
At the time of writing, Ethereum (ETH) was rapidly approaching the $3,000 level and trading at $2,932, up 0.2% and 9.8% in the 24-hour and 7-day time frames, according to data from Coingecko.
ETH inching closer to the $3k mark. Source: Coingecko
Ethereum address with Tron connection
The Ethereum hoarding was spread across major cryptocurrency exchange Binance and multiple decentralized exchanges (DEXs). The wallet identified by the partial address “TWGHNc”, which is known for recent high-value transactions, is attracting attention.
1/ Someone bought a total of 54,721 items in the last 32 hours $ETH (from $154.4 million) #Binance and #DEX.
Who is this man?can become #justinsan?
Let’s dig deeper 👇 pic.twitter.com/6yh4GRZnws
— Lookonchain (@lookonchain) February 19, 2024
As analysts put the puzzle together, they pointed to the sheer scale of these transactions, suggesting the involvement of large companies like Sun, which have deep pockets and significant influence in the crypto space. Pointed out. This theory is supported by examining his pattern of wallet activity, which shows a significant correlation with another address, 0x7a95.
For example, TWGHNc deposited $5.4 million in HTX and then withdrew nearly the same amount in ETH from the same exchange by 0x7a95. Additionally, TWGHNc’s 50 million USDT deposit into Binance mirrors 0x7a95’s 9,959 ETH withdrawal from Binance.
Last week, TWGHNc withdrew a whopping $500 million in Tether (USDT) from the rebranded Huobi exchange (formerly HTX). Further fueling the rumors, the same wallet deposited a whopping $50 million USDT into Binance today.
Ethereum currently trading at $2,930 on the daily chart: TradingView.com
A bullish signal for Ether?
If popular speculation proves accurate and Justin Sun is indeed the mastermind behind these strategic maneuvers, it would mean that one of the most influential figures within the blockchain and crypto industry It would mean a remarkable expression of confidence in. Such an acknowledgment from Sun carries considerable weight and could help strengthen Ethereum’s position.
Ether price action in the last 24 hours. Source: Coingecko
Meanwhile, Sun’s recently announced ground-breaking Bitcoin Layer 2 solution aimed at enhancing interoperability within the blockchain space is already generating a lot of buzz. This initiative aims to seamlessly integrate different types of tokens on the Tron network with the Bitcoin network, paving the way for smoother cross-chain interactions.
This development is a milestone for Tron and represents a major advancement for cryptocurrencies as a whole. With plans to bridge more than $55 billion in value to the Bitcoin network, Tron’s efforts have the potential to breathe new life into the leading cryptocurrency.
Featured image from Getty Images, chart from TradingView
