Tron Founder Justin Sun Extends Support to the Crypto Market by Buying the Ethereum Dip, Now Holds 392474 ETH

Crypto industry veterans are extending full support in this crypto market crash by buying the dips. Tron founder Justin Sun, who's been on an Ethereum accumulation spree since February 2024, purchased an additional 14,884 ETH on Monday.

Tron founder Justin Sun has extended his support in the crypto market crash by buying the dips. According to blockchain analytics platform Spot On Chain, Sun purchased an additional 14,884 ETH on Monday, which is part of his larger accumulation strategy.

Justin Sun purchased $36 million worth of Ethereum from Binance in the past ten hours, as reported by Spot On Chain. This brings his total ETH holdings to 392,474. The estimated purchase cost of these holdings is $1.19 billion, with the current market value being less than $1 billion due to the correction in Ethereum's price.

“Justin Sun (@justinsuntron) withdrew 14,884 $ETH ($35.97M) from #Binance 10 hours ago!

This brought the total amount of $ETH he accumulated since Feb to 392,474 $ETH (est. cost: $1.19B, now worth: $995M).

Note that Justin Sun also deposited a net amount of 49M $USDT to #HTX in… pic.twitter.com/43dHfK4U74

— Spot On Chain (@spotonchain) August 6, 2024.”

Earlier on Monday, rumors circulated that Justin Sun's leveraged long positions, worth over $200 million, were liquidated as the ETH price tanked below $2,000. However, Sun quickly dismissed these claims, stating that the Tron team does not engage in leveraged trades.

The price of ETH has risen significantly amid the broader crypto market recovery, which was largely driven by positive PMI data and improving employment numbers, indicating that the US recession fears have subsided to a great extent. At the time of writing, ETH is trading above $2,500, with a market capitalization of over $300 billion.

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