Will Justin Sun’s transfer boost the price of Ethereum (ETH)?
The transfer happened suddenly as Ethereum attempted to break the $1,600 threshold. The second-largest cryptocurrency desperately needs the support of whales to continue its rise. The $50 million backing of former Tron CEO Justin Sun will only spark a market rally and spark a new rally.
Justin Sun just transferred 50M to #Binance.
The last time he moved a large amount of stablecoins to #Binance was 7 days ago.
After that, the price of $ETH rose by 22% from $1,335 to $1,620.
And Justin Sun’s address now holds $79,170 in ETH ($125 million). pic.twitter.com/SRuRn60MsG
— Lookonchain (@lookonchain) October 31, 2022
The connection between Sun and Ethereum is clear, as developer and official Huobi advisor Sun traded the asset flawlessly on the market last year. At its absolute peak, Sun sold 340,000 ETH, making a huge profit before the major crash. On Ethereum’s bearish path, it made small transfers below 50,000 ETH and gradually reduced the position. The recent move to Binance may be the first buying activity Sun has shown in the past few months.
The accumulation of Ethereum could signal a potential decline in selling pressure that applies to assets that are being actively pushed lower by retail investors. As whales like Sun allocate more funds, we could see positive returns in the market and a continued rise that brings ETH to $1,600. At the time of writing, Buterin’s cryptocurrency ether (ETH) is trading at $1,601, down 1.85% over the past 24 hours.
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