Recent data from Lookonchain reveals a notable transaction on the Ethereum (ETH) network. Eleven different wallets have purchased a total of 97,296 ETH coins. This purchase, valued at approximately $363.66 million, was noticed and shared on the social media account of Lookonchain.

The addresses in question are believed to be controlled by PulseX and PulseChain, two emerging altcoin projects with a market value of $7 billion and $2 billion respectively. This large number of ETH tokens was purchased within two days, using the stablecoin DAI as payment.

What is going on?

Many people are wondering about the origins and motivation behind such a large purchase, especially since it comes after a period in which the Ethereum (ETH) price has risen significantly. In the past 30 days, the price of this popular altcoin has risen from $2,300 to almost $3,850, an increase of more than 64%.

The team behind PulseChain and PulseX has not publicly explained the motives for this investment. There is a suspicion that the developers may use the proceeds from their own crypto projects to purchase Ethereum. This would be part of a strategy to diversify their investment portfolio.

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