- According to reports, Justin Sun purchases millions of dollars’ worth of Ethereum in spite of the current market collapse.
- It is said that Justin Sun purchased Ether’s dip.
- The cryptocurrency tycoon acquired the asset for millions of USDT.
- The funds were removed from the HTX bitcoin exchange.
According to reports, TRON founder Justin Sun has paid millions of dollars in USDT to purchase more Ether, which is presently stored in a fresh cryptocurrency wallet address that was made on Monday.
The purchase coincided with a general slump in the cryptocurrency market, during which Ether saw its largest one-day loss since 2021. According to CoinMarketCap data, the cryptocurrency asset fell more than 21% to its lowest point at $2,171 early on Monday before partially recovering its losses to trade hands at $2,227 as of this writing.
Does Justin Sun See Things This Way?
In three hours, a new wallet purportedly owned by Justin Sun took out 38 million USDT from HTX and used $37 million to purchase 16,236 ETH, according to a post on August 5th on X by cryptocurrency analyst EmberCN. Every ETH was acquired for an average of $2,279.
Given that the cryptocurrency tycoon had moved 210 million USDT into the cryptocurrency exchange HTX over the last two days, EmberCN indicated that the wallet address most likely belonged to Sun. The expert added that the barely one-day-old address “has the same operation behavior as the multiple addresses that Sun used to purchase ETH.”
The rumored purchase on Monday increases Justin Sun’s enormous Ethereum holdings, which the billionaire already increased by 377,590 ETH. For a total of $1.15 billion, these properties were purchased in February of this year.
According to Spot On Chain, Sun’s Ethereum holdings suffered a loss of roughly $280 million following the market collapse on Monday.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
