Whale Watch: Prominent Crypto Investor Reports Justin Sun's Wallet Amassing Over $1 Billion in ETH

IconCryptoNewsTerminal Staff11 Jul, 2024

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Whale Watch: Prominent Crypto Investor Reports Justin Sun's Wallet Amassing Over $1 Billion in ETH

Ted Pillows, a well-known crypto investor with a substantial following on social media, has shed light on a significant accumulation of ETH by a whale wallet linked to Justin Sun, the founder of Tron (TRX). According to Pillows' analysis, the wallet has acquired 362,751 ETH since February, an amount valued at approximately $1.11 billion. The average purchase price for these ETH acquisitions is estimated to be $3,047. Pillows' findings suggest a bullish outlook for ETH, as a whale wallet associated with a prominent industry figure like Sun accumulating a large amount of the asset is often interpreted as a sign of confidence in its long-term value. This news may further contribute to the ongoing positive sentiment surrounding ETH, potentially driving its price higher.

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