The creator of Tron and main investor in the Poloniex exchange, Justin Sun, declared his support for an eventual hard fork of Ethereum, as reported by CriptoFácil. However, that did not stop Sun from buying the equivalent of BRL 137 million worth of Ether (ETH) in the last four days. According to block explorer Etherscan, the executive acquired the amount through two separate transactions. Apparently, Sun may have carried out the operation to get extra tokens if Ethereum splits into two different networks. Justin Sun is backing the EthereumPoW (ETHPoW) hard fork plan and has already said that Poloniex will list the network token. Additionally, Sun revealed that he intends to donate tokens to support the mining community and ecosystem via Proof of Work (PoW).
Justin Sun buys tokens before The Merge
The company specializing in transaction identification Nansen released the information. His team located an address and tagged it as “Justin Sun”. As per the data, the wallet added 20,633 ETH in two transactions this week. In the first transaction, Sun added 5,633.05 ETH, worth R$45 million, on Monday (August 29). The executive made the purchase through Poloniex itself. Then, this Friday (2), Sun added another 14,999.87 ETH worth almost BRL 90 million at the current price. The wallet address now has 268,280.58 ETH in total, worth $425 million. In converted amounts, the portfolio has R$ 2.2 billion. The portfolio’s net worth in ETH is 277,685.98, which represents over US$440 million.
Movement to get tokens?
Tron founder Justin Sun is one of the main supporters of the hard fork planned by Chinese miner Chandler Guo. This division aims to create an Ethereum that maintains current mining, that is, consensus via PoW. Once Ethereum switches to proof-of-stake (PoS), miners will become obsolete. Consequently, miners are expected to lose a lot of revenue, hence the option to split the network. However, Ethereum co-founder Vitalik Buterin and other crypto influencers believe that miners should switch to Ethereum Classic (ETC). In fact, the processing power of the network has grown exponentially in recent weeks. On the other hand, Sun may have bought more ETH with the aim of accumulating the cryptocurrency and thus earning more ETHW tokens should the split occur. Other investors are also taking this attitude, which has increased the price of ETH at times.
ETH and ETC prices
While the expected September 15th does not arrive, investors continue to seek exposure to ETH because of The Merge. In this sense, the price of ETH even returned to $2,000, but underwent a further correction. Today, an ETH is worth around US$1,600, or R$8,384 in current values. Meanwhile, the price of ETC is rising as miners are likely to switch to Ethereum Classic after The Merge. The price is trading at $33.26 or BRL 172.79, up 6.17% over the last 24 hours. Read also: Central Bank of Singapore says cryptocurrencies will never die Read also: FIFA announces collection of NFTs on Algorand network for the World Cup; ALGO token jumps 8% Also read: “Fed will drop speculative assets like Bitcoin”, says famous presenter Jim Cramer
