A recent report revealed that TRON's founder, Justin Sun, has made a significant deposit of Ether (ETH) into Swell L2, a key blockchain ecosystem. The amount deposited, 120,000 EETH, totals over $376 million, making up nearly half of the total deposits in Swell L2. This development comes amidst a downward trajectory in the ETH market, with the token witnessing noticeable drops over the past week and month.

The news of Justin Sun's substantial Ether deposit into Swell L2 has caught the attention of many, sparking conversations within the crypto community amid ongoing fluctuations in the ETH market.

Justin Sun's Noteworthy Ether Deposit

Reports surfaced detailing how an address linked to Justin Sun, the founder of TRON, deposited 120,000 EETH into Swell L2. This amount, equivalent to over $376 million, represents a significant portion (46.6%) of all deposits in Swell L2. EETH, also known as ether.fi Staked ETH, serves as the non-custodial liquid staking token for Ethereum, utilized in the liquid restaking protocol, EtherFi.

Past Transfers and Wallet Status

In March 2024, the same address was identified for transferring 120,000 ETH into EtherFi. Presently, the wallet holds 48,374.301353998937694271 ETH. Sources indicate that withdrawals of ETH from Binance began in February 2024, when the ETH price hovered around $2.8k.

Current State of the ETH Market

As of now, ETH is experiencing a downward trend, priced at $3,095, displaying a slight decrease of 0.46% over the last 24 hours. In the past week and month, the token has seen significant declines of 6.51% and 5.9%, respectively. Despite these changes, Ether maintains a strong position in the crypto market, ranking second only to Bitcoin with a market cap of $371,662,333,000. Notably, there has been a sharp 30% decline in trading volume over the last day, now standing at $8,488,500,862, indicating the shifting trends in the market.

Wrap-Up

Justin Sun's substantial deposit into Swell L2 has spurred discussions within the crypto community, particularly in light of the current downward trajectory of ETH. As the market landscape continues to evolve, the impact of this move on the broader crypto space remains to be seen.