Tron News: Justin Sun Plans $209M Ethereum Buy—Could This Boost ETH’s Price?

• Tron’s Justin Sun is on track to buy an additional $209 million in Ethereum from Lido Finance.
• Large whale buyups are likely to fuel a massive rally in the price of the coin.

Tron founder Justin Sun has disclosed intentions to buy almost 53,000 Ethereum (ETH), valued at approximately $209 million. This move came shortly after Sun dumped a massive amount of ETH, raising concerns among investors over its potential impact on future price movement. It also coincides with the digital asset’s move to the $4,000 mark.

Justin Sun Set To Buy 53K ETH

Spot On Chain, a leading on-chain analytics and transaction tracking platform, reported the recent development. The platform revealed that Sun recently applied to withdraw 52,905 ETH, worth around $209 million, from Lido Finance. 

The report highlighted that the recent transaction is part of the 392,474 ETH he “allegedly bought” at $1.19 billion via three wallets between February and August. Per a CNF report, Sun said he purchased 1,614 ETH for an estimated $3,097 per coin. 

Justin Sun (@justinsuntron) applied to withdraw 52,905 $ETH (now $209M) from #LidoFinance an hour ago.

This is part of the net 392,474 $ETH he allegedly bought at ~$3,027 ($1.19B) via 3 wallets from Feb-Aug, now having an est. total profit of $349M (+29%).

Note that on Oct 4,… https://t.co/r5z7l8YSUq pic.twitter.com/GAalq1imjO

— Spot On Chain (@spotonchain) December 16, 2024

Sun currently holds an estimated total profit of $349 million, representing a 29% increase in his Ethereum investments. Meanwhile, the Tron founder sold 29,920 Ethereum, valued at $119.7 million via the HTX exchange last week. This massive sell-off follows Ethereum’s price surge towards the $4,000 mark.

However, Sun’s recent move has ignited speculations over his next move with his Ethereum holdings. Specifically, some market analysts are debating whether Sun would continue his ETH selling spree, which could impact the asset’s future price.

They even highlighted a similar large ETH sell-off from Sun, which led to declining prices for the altcoin. Notably, on October 4, 2023, Sun withdrew Ethereum worth $131 million from Lido to Binance within 4 days. By mid-October, the price of Ethereum decreased by approximately 5%.

Impact on Ethereum Price and Predictions

Despite ongoing concerns, Ethereum’s price outlook looks promising. The altcoin has reached a 24-hour high of $4,020, with a monthly increase of 24.8%. As of this writing, ETH has increased by 1.09% in the last 24 hours to trade at $3,934. The daily trading volume also increased by 33.9% to $34.7 billion, suggesting investors rising interest.

Additionally, CoinGlass data showed that ETH Futures Open Interest soared nearly 5%, suggesting strong market confidence towards the leading altcoin. Popular onchain analyst Ali Martinez has also added to Ethereum’s optimistic price outlook. 

The analyst noted that ETH whales have continued buying after the asset surpassed the $3,300 mark. 

The analyst sees the increased action from whales as a potential catalyst for further price movement. As mentioned in a CNF report, other analysts have revised their Ethereum target for this cycle to as high as $6,200.

Furthermore, a recent analysis revealed that ETH’s price could soon approach the $15,000 milestone, boosting market sentiment.