Justin Sun, the co-founder of Tron–a smart contracting platform for deploying decentralized applications (dapps), is once again moving and shuffling millions of dollars. Lookonchain reports data Sun reported that on February 29, Sun transferred 100 million USDT from Binance. This comes after Sun had moved huge amounts earlier in the week.
Justin Sun holds millions of ETH: will the co-founder buy more?
A wallet linked to Sun purchased 168,369 Ethereum for an average of $2,894 between February 12 and 24. This purchase, worth approximately $580.5 millions, has an unrealized gain of about $95 million. Profitability could increase given the demand for crypto in recent days, particularly top coins such as Bitcoin and Ethereum.
The Ethereum chart shows a clear upward trend. From around $2,200 at the beginning of February, ETH is now over $3,450. With this rate of growth, and the institutional interest shown in crypto assets such as ETH, it is highly probable that the second most valuable cryptocurrency will continue to grow.
Ethereum is also likely to track higher as Bitcoin approaches $70,000. Its all-time record of $5,000 will also be increased.
A lot of ETH coins are already in the possession of the cofounder, so it is rumored that he will buy more. The crypto community is watching this address closely until the transaction takes place and there are solid data on the chain to back up the purchase.
Dencun and the Spot Ethereum Exchange Traded Funds are two important updates
So far, the optimism has been high, particularly amongst the wider altcoin community. While Bitcoin races towards new all-time records pumped by institutions billions of dollars, the United States Securities and Exchange Commission is on high alert. Multiple applications have been submitted for an Ethereum spot exchange-traded funds (ETF).
The agency did not provide a timetable for approval or rejection. The regulatory uncertainty surrounding the status of ETH is a major obstacle that could delay or prevent the timely approval of this product.
The community still looks forward to the next In May, communication will be made. If the Ethereum ETF spot is approved, the coin could reach new record highs following Bitcoin.
But before that, all eyes will be on Dencun. However, before then, all eyes are on the expected implementation of Dencun. upgrade Addresses challenges faced by Ethereum, such as scalability. The Ethereum blockchain addresses challenges such as scalability. DencunEthereum developers are hoping to lay the foundation for future throughput improvements in the next few years.
Transaction fees fall with higher throughput, improving the user experience. This will improve the user’s experience. upgrade It could be a big step in cementing Ethereum’s role in the crypto world, fending off competition from Solana as well as other players, including BNB Chain.
Chart by TradingView with DALLE as the featured image
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