Spot On Chain disclosed that the Tron founder may have lost $66 million in the volatile market, erasing the initial $58 million profit he had gained just a day earlier. Ethereum Whales Enter Accumulation Phase Despite the recent declines experienced by Ethereum, the FOMO and excitement surrounding Spot Ethereum ETFs may have triggered a change in market sentiment and investors’ demand for the cryptocurrency.
Justin Sun, the founder of Tron, a decentralized blockchain-based operating system, has found himself joining the Spot Ethereum ETFs FOMO with a new $5 million investment in Ethereum (ETH), the world’s second-largest cryptocurrency. Tron Founder Buys $5 Million Worth Of ETH In an X (formerly Twitter) post on July 11, Spot On Chain, an AI-driven on-chain analytics platform, uncovered a new Ethereum transaction allegedly executed by Sun.
According to the analytics platform, the Tron founder had supposedly spent $5 million to buy 1,614 ETH tokens at an approximate price of $3,097 per ETH. Related Reading: Forbes Says Shiba Inu Price Will Rise 1,700% To Reach $0.0003 ATH, Here’s When Spot On Chain revealed that since February 8, 2024, Sun has purportedly purchased a total of 362,751 ETH tokens at an estimated cost of more than $1.11 billion, with an average price of $3,047 per ETH.
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