Justin Sun and Another Whale Accumulate Over $180,000,000 Worth of Ethereum in Less Than Two Weeks: Lookonchain

Tron (TRX) founder Justin Sun along with an unknown crypto whale have accumulated massive amounts of Ethereum (ETH) in the last two weeks, on-chain data shows. Blockchain tracking firm Lookonchain reports that Sun and a fellow deep-pocketed entity have acquired over $182 million worth of Ethereum since December 26th.

Timeline of Ethereum

Ethereum's price is currently finding it difficult to rally higher following weeks of aggressively bullish price action. Yet, there are still several support levels nearby that could keep the cryptocurrency from dropping lower.

Renowned crypto analyst CrediBULL Crypto has made bold predictions about Ethereum's (CRYPTO: ETH) potential price surge in 2024. In a post on X on Friday, the analyst said that Ethereum could hit five figures in the coming year, with a minimum price target of $10,000.

On Jan. 4, the decentralized finance protocol Gamma Strategies was a victim of a hacking attack which saw criminals make off with digital assets worth over $3 million. To pre-empt further attacks, Gamma Strategies said it has shut off all deposits on any of its “public-facing vaults.

A widely followed crypto analyst is warning that interest in the Ethereum (ETH) ecosystem is declining as attention shifts to Bitcoin (BTC). In a new strategy session, Nicholas Merten, the host of DataDash, tells his 510,000 YouTube subscribers that future crypto development will likely focus on Bitcoin, which may diminish Ethereum's future value.

With all attention focused on the premise of a spot Bitcoin ETF, the steady increase in collateral locked on Ethereum layer-2 networks has gone unnoticed. L2 TVL has reached an all-time high this week, but will ETH prices start to move yet?

Etherscan, Ethereum's (ETH) blockchain data explorer, has acquired its counterpart in the Solana (SOL) ecosystem, Solscan. Solscan launched in 2021 and has served more than 3 million monthly users since then, according to a press release announcing the acquisition.

In the ever-volatile world of crypto assets, ethereum has exhibited a notable decline, with an 8.1% decrease in price over the past 24 hours. Technical indicators and chart patterns suggest a bearish sentiment in the air, urging traders to navigate with caution.

Vitalik Buterin, the cofounder of Ethereum, the second-largest cryptocurrency by market capitalization, has recently made a significant transfer of USD Coin (USDC), a stablecoin pegged to the U.S. dollar.

Solana has continued its bullish sentiment in its ecosystem to flip Ethereum in the stablecoin market for the second week in a row, according to on-chain data. SOL's price gain has slowed in the past week, showing a negative 2.3% in a 7-day timeframe at the time of writing.

With Ethereum transaction activities increasingly shifting to Layer 2 (L2) networks, the ecosystem is bracing for a potential new bull run, one that could be predominantly led by these L2 platforms like Arbitrum and Optimism. The surge in L2 transactions, which have grown by an astounding 90 times since 2021, paints a clear picture: The next wave of decentralized finance (DeFi), non-fungible tokens (NFTs) and meme coins is likely to be rooted in these scalable networks.