Tron founder Justin Sun has once again pumped millions of dollars into his cryptocurrency portfolio.
Justin's recent whale transactions were revealed by Lookonchain data on February 29, indicating the transfer of over 100 million USDT to Binance. This is coming after the smart contracting platform founder raised huge sums earlier this week.
Per earlier reports, a wallet related to Justin Sun has acquired up to 168,369 ETH for an average price of $2,894.
This purchase was done between February 12 and 24 at approximately $580.5 million, calculating with the then ETH price value. However, the digital assets are expected to hold an unrealized profit of around $95 million.
The Ethereum price has been steadily climbing, surging from approximately $2,200 in early February to over $3,450 currently. With growing institutional interest in cryptocurrencies like Ethereum, there's a strong possibility that ETH's upward momentum will continue.
As Bitcoin approaches the $70,000 mark, it's likely that Ethereum will also see gains, potentially reaching its previous all-time high of around $5,000.
Additionally, there's speculation that Ethereum's co-founder may increase their holdings by purchasing more coins, as Ethereum already holds a significant amount. The crypto community is closely monitoring the address associated with the co-founder, awaiting any confirmation, and relying on solid on-chain data to support such purchases.
Per data from market intelligence platform IntoTheBlock, the Tron network has recorded a milestone in the number of registered addresses. The on-chain data shows a total of over 95 million Tron addresses, placing it above other layer 1 networks like Cardano and Avalanche in terms of wallet growth.
In this scenario, the analytics firm has utilized the total count of addresses on the blockchain holding a non-zero balance to monitor the growth of the network.
An increase in these addresses signifies the potential addition of new investors to the network or the return of previous holders. Regardless of the specific cause, such a trend indicates positive momentum for a cryptocurrency, signaling ongoing adoption and utilization of the blockchain.
Today, Ethereum's price sits at $3,426.35, with a 24-hour trading volume of $19,152,647,675. There are 120,142,084 ETH coins in circulation, with no maximum supply specified.
However, a decrease in this metric suggests some investors are emptying their wallets, possibly indicating their departure from the network.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.