- TRON Founder Justin Sun has reportedly deposited a significant amount of Ether (ETH) into Swell L2, a blockchain ecosystem.
- The deposited amount, 120,000 EETH, is equivalent to over $376 million, accounting for almost half of the total deposits in Swell L2.
- This move comes amidst a downward trend in the ETH market, with the token experiencing notable dips over the past week and month.
TRON Founder Justin Sun makes headlines with a massive deposit of Ether into Swell L2, sparking discussions amidst a downward trend in the ETH market.
Justin Sun’s Massive Ether Deposit
According to a post by Chinese crypto journalist Colin Wu, an address linked to Justin Sun, the founder of TRON, has deposited a whopping 120,000 EETH into Swell L2. This amount, equivalent to over $376 million, represents a significant portion (46.6%) of the total deposits of Swell L2. EETH or ether.fi Staked ETH is the non-custodial liquid staking token for Ethereum, used in the liquid restaking protocol, EtherFi.
Previous Transfers and Current Wallet Status
In March 2024, the same address was identified as transferring 120,000 ETH into EtherFi. As of now, the wallet holds 48,374.301353998937694271 ETH. Reports suggest that the wallet began withdrawing ETH from Binance in February 2024, when the ETH price was around $2.8k.
Current Market Trend for ETH
At present, ETH is experiencing a downward trend, with its price set at $3,095, marking a marginal decline of 0.46% in the last 24 hours. The token has seen significant dips of 6.51% and 5.9% over the past week and month, respectively. Despite these fluctuations, with a market cap of $371,662,333,000, Ether maintains its high-ranking position in the crypto market, second only to Bitcoin. However, a sharp 30% fall in its trading volume over the last day, currently standing at $8,488,500,862, indicates the varying trends in the market.
Conclusion
Justin Sun’s massive deposit into Swell L2 has stirred discussions in the crypto community, especially given the current downward trend of ETH. As the market continues to fluctuate, it remains to be seen how this move will impact the broader crypto landscape.
