Justin Sun, founder of Tron, capitalizes on Ethereum’s recent rally. After Ethereum surged 29% on the heels of a major market rally led by Bitcoin, Sun pulled part of its Ether investment.
In addition to Justin and other individual traders, other institutional traders and sleeping whales also took advantage of the recent price action. Ethereum trades at the level of $ 3,100s, reaching $ 3,240.29 last November 11. Sun started issuing money at $3,202, pushing its profit to about $69.36 million, representing an increase of 5.69%.
Justin Sun is making a lot of money with the latest Ethereum surge
Justin Sun is patiently withdrawing some of his ETH holdings during the most important meeting of Ethereum and the crypto market. On-chain data suggests that it has invested continuously in increasing the value of the digital asset. SpotOnChain reports that the founder of Tron initially deposited 19,000 ETH at $3,202 on HTX.
Justin Sun (@justinsuntron) appears to be generating revenue $ETH during the recent market rally!
15 hours ago, he deposited the first 19,000 $ETH ($60.83M) to HTX for $3,202.
This was part of a total of 392,474 $ETH allegedly received an average price of $3,027 (est. cost: $1.19B)… pic.twitter.com/UCNpE0vnVp
– Spot On Chain (@spotonchain) November 11, 2024
Justin’s latest transaction at HTX brought his net worth to about $69 million, or an increase of 5.70%. According to on-chain data, this tranche was part of the 392,474 tokens received from February 8 to August 5 for $3,027 in all three wallets.
Justin Sun’s average price of ETH is $3,027, indicating a total investment worth $1.19 billion. In short, his recent transactions in HTX are “very small” compared to his total ETH, and therefore, should not be a cause for concern among owners.
Early ETH Manager Goes Live
As Ethereum moves this week, another early Ether ICO move, PeckShield Alert has been revealed. On-chain data revealed that the account holder reactivated his account after three years of dormancy, transferring 1,555 ETH worth about $5 million to the Coinbase address.
According to the same internet sleuth, this account initially received 6,292 tokens during Ethereum’s ICO, with an investment of $1,951. Total account holdings are now worth more than $20 million, which is a huge increase since its initial investment.
A large whale with 398,891 $ETH($1.28B) sold 46,853 $ETH with 138.8M $USDC for $2,920 starting Nov 7th!
In the last 7 hours, the whale has transferred another 12,886 $ETH($41.24M) for sale.
The whale currently holds 352,036 $ETH($1.27B). pic.twitter.com/8YGA6vx7iG
– Lookonchain (@lookonchain) November 11, 2024
Another ETH Whale Launches Its ETH Holdings
Lookonchain data shows another Ethereum whale with 398,891 tokens with an estimated value of $1.28 billion loaded 46,853 ETH tokens at a price of $2,920 on November 7. The same account transferred 12,886 tokens worth $42 million at current prices, it still leaves a huge holding worth $1.27 billion.
The data suggests that ETH whales still hold a large share of the tokens and are taking advantage of the current market advantage. Ethereum is up 30% in the past week, and at $3,200, the asset’s market cap is approaching $400 billion.
Featured image from Pexels, chart from TradingView