Justin Sun, founder of Tron, a smart contracts-enabled blockchain, has announced that his team is developing a gas-free transaction solution for stablecoins. This means that stablecoin movement fees will be free for the users, with issuers having the opportunity to pay for these. The service is expected to be operational by Q4 and will be […]
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Justin Sun Potential $66 Million Loss Revealed As Ethereum Price Declines
Following a widespread crypto market crash on Friday, the price of Ethereum took a severe price hit falling by about 10%. While the prominent altcoin has made a minor recovery since then, its price slip has revealed some vital information on the holdings of Tron founder and key crypto figure Justin Sun.
Justin Sun Million Loss, Motive For Massive Bitcoin Buy Offer?
Amidst the market mayhem on Friday, blockchain analytics platform Spot on Chain shared an intriguing report on Justin Sun’s investments in Ethereum. In an X post, Spot on Chain stated that Sun has allegedly acquired 361,000 ETH (worth .1 billion) over the last five months.
The Tron founder reportedly made this investment using three different wallet addresses purchasing 169,604 ETH with “0x7a9” in February at an average price of ,870, 176,118 ETH with “0x435” in April at ,177, and 15,416 ETH with “0xdbf” in June at ,474.
Justin Sun may have lost M after the #Ethereum price plummeted 10% today!
From Feb to Jun, he allegedly bought 361K $ETH (est. cost: .1B) via 3 wallets, including:– 169,604 $ETH via “0x7a9” in Feb at ,870 avg– 176,117 $ETH via “0x435” in Apr at ,177 avg– 15,416 $ETH… pic.twitter.com/bwIezvMRtj
— Spot On Chain (@spotonchain) July 5, 2024
Spot on Chain noted that the aforementioned addresses always received ETH deposits from Binance following Sun’s stablecoin deposits on the exchange thus leading to suspicions that the Tron founder served as owner of these wallets.
Following the repayment of creditors by defunct exchange Mt. Gox, coupled with a consistent massive Bitcoin sell-off by the US and German governments, the price of Bitcoin has plummeted by 10% over the last two days falling as low as ,717.
Unsurprisingly, this decline soon extended across the crypto market, with Ethereum crashing by a similar percentage to trade at 10, marking its lowest price in the last five months. At that point, Justin Sun’s alleged ETH investments reached a million loss.
Interestingly, the Tron founder had reached out to the German government on Thursday to negotiate the sale of their remaining BTC holdings valued at .3 billion in a private transaction order. However, it remains unknown if the German government will take up this offer as Sun attempts to reduce the impact of their constant BTC sell-offs on his personal investments and the general crypto market.
At the time of writing, Ethereum has shown resilience since its earlier slump rising by about 5% to currently trade at ,975. In tandem, the token’s daily trading volume is up by 47.33% and valued at .47 billion.
Solana, Others Record Market Gains Amidst Market Crash
While the general cryptocurrency remains in a downtrend, with the total market cap down by 1.02%, several assets have managed to stay afloat providing investors with some form of relief. According to data from CoinMarketCap, Solana is one of these assets, with a 4.99% daily gain alongside other prominent tokens such as Avalanche (AVAX) and Shiba Inu with respective gains of 3.99% and 3.70% respectively.
Notably, prominent meme coin dogwifhat leads the resistance with the highest daily gain of 12.28%.
Tron Founder Justin Sun Offers to Buy German Government’s BTC Stash Amid Price Drop
Amid the bitcoin price decline and the German government transferring millions of dollars worth of BTC, Tron founder Justin Sun announced on X that he is prepared to purchase the remaining BTC from the German government. “I am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the […]
Bitcoin News
Tron Founder Justin Sun Wins Landmark Defamation Case Against Chinese Media Group
A court in China has ruled in favor of Justin Sun in his defamation lawsuit against the Chongqing Business Media Group. In its verdict, the court stated that claims of Sun’s involvement in insider trading, fraud, and money laundering were “entirely unsubstantiated.” The Chongqing Business Media Group subsequently removed all of its false content and […]
Bitcoin News
Whale Deposits $21 Million In DeFi Tokens To Binance, Was It Justin Sun?
In the early hours of Monday, a dormant whale moved million worth of 4 DeFi tokens to the crypto exchange Binance. The news received mixed reactions from the community, which worries about an incoming dump amid the recent retrace of the crypto market.
Whale Deposits Million In DeFi Tokens To Binance
On Monday, on-chain analytic firm Spotonchain reported a dormant whale had deposited around million in crypto to Binance. After a year of holding, The whale sent 3,800 Maker (MKR) and 20,000 Aave (AAVE) to Binance.
The firm later revealed that the whale was seemingly Tron founder Justin Sun. Three of the 13 addresses believed to be owned by Sun were wallets that conducted the transfers.
Per the post, the whale deposited million worth of 4 DeFi tokens to Binance in 30 minutes. The addresses sent 93,979 AAVE, worth around .26 million, and 3,800 MKR tokens.
The addresses purchased the MKR tokens in June 2023 for .43 million, acquiring the 3,800 tokens at an average price of 1.81. Meanwhile, the AAVE tokens were bought from June 2023 until January 2024 at an average price of .14.
At the time of the post, the crypto whale had around million in estimated profits, .74 million from MKR, and 2,000 from AAVE.
Additionally, Sun sent over 4,000 and 200,000 Compound (COMP) and Liquity (LQTY) tokens to the exchange. The transactions account for 4,178 COMP, worth around 5,000, and 203,823 LQTY, worth approximately 7,000.
Are Sun’s Transfers Bearish Or Bullish?
The deposits raised concerns among the crypto community as deposits on exchanges are considered bearish and could significantly decrease a token’s price if dumped.
Nonetheless, some considered Sun’s movements as a bullish signal. An X user stated his optimism, claiming that whales “always deposit during the consolidation before the breakout.”
Similarly, other crypto investors believe it’s “time to load up on DeFi” and that “Justin is about to give us generational entry.”
It’s worth noting that the community closely follows Tron’s founder’s on-chain movements. As reported by NewsBTC, Sun is suspected to be the whale behind some of the massive Ethereum (ETH) purchases from Q1 2024. Sun seemingly bought over 1 million worth of ETH during the buying spree.
Despite the community’s reaction, the 4 DeFi tokens sent to Binance didn’t react significantly to the transactions.
After the news, AAVE saw a mild 1.4% drop to the .26 level before recovering the support zone. The token saw a 12.4% drop on Friday following the recent market downturn.
Similarly, MKR saw a sharp 10.6% decline over the weekend, falling from the ,600 to the ,300 price range. However, the token has seen a 3.1% price decrease in the last 24 hours. MKR dropped by 1.8% after the news but failed to recover in the following hours, currently trading below ,400.
Inside the Crypto Fortunes of Justin Sun, Vitalik Buterin, and Other Influencers
According to analytics, several prominent crypto influencers hold substantial amounts of money onchain. For example, Tron founder Justin Sun has more than billion in crypto assets. Ethereum co-founder Vitalik Buterin’s associated addresses indicate holdings of 5.25 million in digital currencies. Alongside crypto influencers, celebrities also possess a substantial amount of digital assets onchain. Tracking […]
Bitcoin News
Justin Sun Advocates Supporting a Crypto-Friendly U.S. Presidential Candidate
TRON founder Justin Sun has made a public call to back a U.S. presidential candidate favorable to cryptocurrencies. Sun emphasizes the importance of recognizing the cryptocurrency community—including companies and protocols—as key stakeholders in the political arena. He urges that their voices be heard and their interests safeguarded, highlighting the growing influence of digital currencies in […]
Bitcoin News
Ethereum Resurgence: TRON Founder Justin Sun Goes On 127,388 ETH Buying Spree
The second-largest crypto token by market cap, Ethereum (ETH), looks set to make a massive market recovery following recent buys suspected to be made by Tron’s founder, Justin Sun. Sun’s accumulation spree again highlights crypto whales’ recent bullishness on Ethereum despite fluctuating prices.
Sun Allegedly Buys 5 Million Worth Of ETH
In an X (formerly Twitter) post, the on-chain analytics platform Lookonchain drew the crypto community’s attention to a mysterious wallet suspected to belong to Justin Sun. This wallet is said to have bought 127,388 ETH (5.19 million) from Binance and decentralized exchanges (DEXs) since April 8 at an average price of ,127.
Meanwhile, Lookonchain tried to prove further its theory that this wallet likely belonged to Justin Sun. The platform alluded to a previous tweet mentioning that a suspected Justin Sun wallet bought 168,369 ETH at ,894 from Binance and a DEX between February 12 and 24. It noted that the “transaction behavior” of both wallets was similar, which suggests that they are both likely owned by Justin Sun.
If indeed both wallets are owned by Justin Sun, that means the Tron founder has accumulated 295,757 ETH (1 million) at an average price of ,014 since February 12. Like every whale activity, Sun’s alleged transactions have caught the crypto community’s attention, with many wondering why he is gaining so much exposure to the second-largest crypto token.
Ethereum Whales Are Bullish
Sun’s actions highlighted the bullish sentiment that Ethereum whales have towards the crypto token despite its recent unimpressive price action. Bitcoinist recently reported about an Ethereum whale who, despite already losing .5 million, opened another long position on the second-largest crypto token.
This whale also borrowed 17.3 million USDT just to increase their exposure to the crypto token. In a recent X post, Lookonchain again highlighted how Ethereum whales are still making bullish moves in the market. On-chain data shows a fresh wallet (0x9EB0) that withdrew 7,182 ETH (.06 million) from Binance, which suggests long-term holding by this whale.
Another wallet (0x1958) withdrew 5,181 ETH (.28 million) from Binance and put their ETH holdings to work by staking it into Bedrock and Pendle while anticipating further price gains in the crypto token.
Such bullish sentiment towards Ethereum could be good for ETH’s price as whales are known to have a significant impact on a token’s price discovery. It could also prove crucial during this period when Ethereum is experiencing declining network growth, which means that the rate at which new users come into the ecosystem has slowed.
At the time of writing, Ethereum is trading at around ,170, down over 1% in the last 24 hours, according to data from CoinMarketCap.
Ethereum Whale Goes On 127,000 ETH Buying Spree, Was It Justin Sun Again?
Reports show that a new Ethereum (ETH) whale has been on a buying spree recently. This whale bought over 5 million worth of ETH since March 31 and is suspected to be Tron founder Justin Sun. Sun is also linked to another address that made massive ETH moves this year.
A New Whale On The Horizon, Is It Justin Sun?
The blockchain research platform Lookonchain revealed that a whale has gone on an Ethereum buying frenzy over the past few weeks. The newly created account started buying ETH from crypto exchanges on March 31.
According to the post, the mysterious wallet first withdrew .8 million stablecoins from the crypto exchange Binance. Then, the whale started buying Ethereum from Binance and Decentralized Exchanges (DEX).
Did #JustinSun buy 127,388 $ETH(5.19M) since Apr 8?
The wallet suspected of being #JustinSun has deposited 787M $USDT to #Binance on #Tron since Mar 31.
Also on Mar 31, a mysterious wallet was created on #Ethereum and withdrew .8M stablecoins from #Binance.Is this a… pic.twitter.com/OcEovodUrc
— Lookonchain (@lookonchain) April 22, 2024
From April 8 to April 20, the address bought 127,388 ETH, worth around 5.19 million, at an average price of ,172 per token. According to the research platform, the activity from this new address is similar to that of the alleged Justin Sun address.
Although the possibility of a coincidence is not ruled out, the activity between the two addressed seems to suggest otherwise. On March 31, the address Sun was suspected of owning made a significant deposit of 787 million USDT to Binance on Tron, which coincided with the withdrawal made by the mysterious new address.
As reported by NewsBTC, Justin Sun’s alleged wallet also went on a similar buying spree from February 12 to February 24. At the time, the address acquired 168,396 ETH, worth around 0.5 million, for an average price of ,894.
Lookonchain considers that the similarities hint that these addresses are likely owned by Sun. If so, Justin Sun has bought 295,757 ETH, worth 1 million, in the past two months.
Ethereum Price Recovers Amid Whale Accumulation
X users expressed concern over Sun’s alleged movements. At the time of the first report, some considered the transaction suspicious.
One user affirmed that Sun would be “the reason of the next market crash.” Others believe it was time to question whether Sun would dump his ETH bag. However, the possibility of him accumulating for the approval of spot Ethereum exchange-traded funds (ETF) was brought up.
The latest news of Sun’s alleged buying spree received a more positive response. A user considered it a bullish signal for the second-largest cryptocurrency, as the token could benefit from whale accumulation.
On Friday, Ether’s price dipped to ,865, a level not seen since late February. Over the weekend, however, ETH began to recover from its recent fall as the whale buying spree occurred.
Since then, the “king of altcoins” regained the ,100 support level, currently trading at ,192. The recovery represents a 2% increase from its price 24 hours ago and a 1.5% surge in the weekly timeframe.
Moreover, ETH’s daily trading activity has increased by 8.7%, with a daily trading volume of .42 billion. Similarly, the second-largest cryptocurrency has seen a 1.78% rise in market capitalization during the last day.
Exciting Launch For TRON (TRX) Coming, Justin Sun Announcement Sent This Token 24% Up
TRON (TRX) Founder Justin Sun made an announcement earlier today that created expectations about what’s coming to the ecosystem. Additionally, a second post by Sun made the price of a token surge by 24% in a matter of minutes.
TRON-Based Inscriptions Market To Launch Soon
Recently, the TRON network made it into the news after reaching 95 million total addresses. As reported by NewsBTC, TRON significantly surpassed other Layer-1 networks in address growth, including Avalanche and Cardano.
This time, TRON is in the headlines after its founder, Justin Sun, shared some news for the ecosystem on X (formerly known as Twitter.)
Sun posted on Monday morning to inform the crypto community that a TRON-based inscription marketplace is coming. “Exciting news, the inscription market based on #TRON is about to launch,” said the TRON founder.
Inscriptions became popular after the launch of Bitcoin Ordinals last year. The new technology allowed the creation of non-fungible tokens (NFT) in the Bitcoin blockchain and has seen different applications ever since.
As it can be created using any type of data, like audio, video, and images, other chains started to launch their inscriptions.
TRON developers and APENFT Foundation’s NFT team developed the inscriptions marketplace. All developers are welcome to build in the TRON ecosystem, Sun said.
TRON’s native token didn’t seem to react to the news. TRX’s price has increased by 0.4% in the last 24 hours. At writing time, the token is trading at ,1409, representing a mild 2.1% price surge in the 7-day timeframe.
However, the token’s trading volume of 7.3 million accounts for a 21.48% surge from the day prior, per CoinMarketCap data.
As of this writing, further details about the launch are yet to be revealed. However, the community welcomed the news positively. Many expressed excitement to see what the TRON ecosystem could bring to the NFT market.
Similarly, crypto exchange Binance recently revealed its Inscription Marketplace, allowing users to create and trade inscription tokens within the Binance app.s
Justin Sun Behind BitTorrent (BTT)’s Price Surge?
After the announcement, Sun, who acquired BitTorrent back in 2018, quoted his post to ‘announce’ BTT-related news. BitTorrent is a file-sharing platform built on the TRON blockchain.
#BTT soon… https://t.co/VZ5U09wDW6
— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 4, 2024
The two words posted by the blockchain entrepreneur sent the token’s price up by 24%. BTT’s price was moving sideways the 24 hours before Sun’s post, as seen in the chart below.
Just moments after the TRON founder’s comment, the price quickly went from .000001526 to .0000017. An hour later, BTT’s trading volume increased from 0.14 million to 1.6 million, a 51.4% increase in this timeframe.
The token reached .0000018 before the pullback to the .0000017 price range. At writing time, BTT’s price is .000001755, accounting for a 24.6% price increase from the day prior. The 7-day and 30-day performances display a notable price surge of 68% and 118%, respectively.
The performance seen since the beginning of 2024 suggests a recovery from the past year when the token reached its all-time low of ,0000003654. The token’s price has increased 153.6% in the 1-year time frame.
Its market capitalization sits at an impressive .62 billion, making BTT the #64 largest cryptocurrency by this metric, according to CoinMarketCap.