The Ether sphere is buzzing with excitement following the revelation that a wallet, allegedly linked to Tron founder Justin Sun, has acquired an astounding $161 million worth of Ether on February 19th.
This substantial purchase, akin to a whale's move, has reverberated across the market, sparking speculation and hinting at a potentially bullish trajectory for Ethereum, the world's second-largest cryptocurrency.
The whale activity happened on top crypto exchanges like Binance and other decentralized exchanges (DEXs). The wallet address tagged "TWGHNc" has grabbed the attention of members of the crypto community due to its recent hold transactions.
Top crypto analysts, Lookonchain, checking through the transaction details, indicated that the substantial scale of these purchases implies the participation of a prominent entity with substantial resources and influence in the cryptocurrency realm, akin to Justin Sun.
This hypothesis gains momentum upon scrutinizing the activity patterns of the wallet, which exhibit a notable alignment with another address, "0x7a95."
Before now, the same wallet address had pumped over $5 million through the HTX exchange. The transaction was followed by a significant withdrawal of ETH by 0x7a95 from the same exchange.
Furthermore, the deposit of 50 million USDT to Binance by TWGHNc was closely followed by a withdrawal of 9,959 ETH from Binance by 0x7a95.
Just last week, TWGHNc withdrew a substantial $500 million in Tether (USDT) from the formerly known Huobi exchange (now rebranded as HTX). Adding to the speculation, the same wallet deposited a significant $50 million USDT into Binance today.
The Ether community will choose to stay optimistic about the whale activity, hoping it was carried out by Tron founder Justin Sun. Such transactions from a prominent person in the crypto space will boost the community's confidence and positively affect its token price.
In recent news, Sun's unveiling of an innovative Bitcoin Layer 2 solution has caused quite a stir. This groundbreaking initiative aims to bolster interoperability across blockchain platforms, particularly within the Tron network. By facilitating seamless integration of different token varieties with the Bitcoin network, it promises to streamline cross-chain interactions.
This announcement signifies a major achievement for Tron and a notable advancement for the cryptocurrency realm overall. With ambitions to bridge over $55 billion in value to the Bitcoin network, Tron's endeavor holds the promise of revitalizing the premier cryptocurrency.
Today's live price for Ethereum stands at $2,977.60, accompanied by a 24-hour trading volume of $16,487,877,360. Over the past 24 hours, Ethereum has seen a rise of 2.56%. Currently ranked #2 on CoinMarketCap, Ethereum boasts a live market cap of $357,801,961,132. It maintains a circulating supply of 120,164,478 ETH coins, with the maximum supply information unavailable.
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