TRON founder Justin Sun has reportedly invested millions in Tether (USDT) to purchase more Ethereum (ETH), which is now stored in a new crypto wallet address created on Monday.
The acquisition occurred during a widespread crypto market downturn, with Ethereum experiencing its most significant single-day drop since 2021. According to CoinMarketCap data, the cryptocurrency plunged over 21%, hitting a low of $2,171 early Monday before recovering slightly to trade at $2,227 at the time of writing.
Is Justin Sun taking the Ethereum dip opportunity?
On Aug. 8, crypto analyst EmberCN reported on X that Justin Sun presumably withdrew 38M USDT from HTX using a newly created wallet. He used this amount to acquire approximately 16,236 ETH within three hours. The average acquisition price per coin was approximately $2,279.
The analyst speculated that Justin Sun likely owns the wallet address due to recent transactions. Over the past two days, he transferred 210M USDT into the HTX exchange, and the transaction patterns of the new address match those of other addresses Sun previously used for Ethereum purchases.
The reported acquisition on Monday adds to Sun’s extensive coin holdings, which he has increased by 377,590 ETH since February at $1.15B. According to Spot On Chain, Sun’s Ethereum portfolio lost nearly $280M following Monday’s market collapse.
Justin Sun’s recent decision to invest a massive amount into Ethereum during a market downturn underlines his confidence in the cryptocurrency’s long-term potential. In the middle of the current volatility and with significant losses, his strategic investment could position him favorably for future market recoveries.
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