The Ethereum ecosystem showed a general upward trend in the early morning today, with significant gains in various areas such as scalability and staking. However, analysts have discovered that this wave of market growth may be due to the efforts of Sun Yuchen, the founder of TRON.
On the morning of the 28th, the Ethereum ecosystem showed a general upward trend. In the past 24 hours, ETH has risen by 6.5%, reaching $3,307 at the time of reporting. The SSV token has also performed well, with a 15.8% increase in the past 24 hours, reaching $50.84. The scalability solutions OP and ARB have seen increases of 14% and 10% respectively in a single day. Additionally, the LST track’s ETHFI has seen an impressive surge of up to 21.4%.
It is worth mentioning that analysts on the blockchain have discovered that this upward momentum is not solely due to market forces, but may be the result of Sun Yuchen’s market manipulation. According to data, a new address transferred 7,402 ETH from Binance, with a total value of $23.04 million, and a significant portion of the funds were moved to the decentralized finance platform Aave. This behavior of depositing a large amount of stablecoins into Aave implies a long-term strategy of holding ETH.
After transferring 7,402 ETH from Binance yesterday, the address suspected to belong to “Sun Yuchen” added another 6,743 ETH, with a total value of $22.3 million, and an average cost of $3,205 per ETH.
Analysts believe that the operating methods and the amount of funds in this address are consistent with Sun Yuchen’s tactics. If these speculations are true, Sun Yuchen’s wallets have accumulated over 78,000 ETH since April 17th.
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