Eigenlayer (EIGEN) Starts Trading: Whales And Experts React – Is It A Buy?
01 Outubro 2024 - 1:00PM
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The long-anticipated trading of Eigenlayer’s EIGEN token began
today, following the lifting of transfer restrictions that had been
in place since the token’s launch in May. Major cryptocurrency
exchanges including Binance, Kraken, Coinbase, ByBit, and OKX have
listed EIGEN, providing liquidity to holders of the token, many of
whom received it through airdrops earlier this year. In a statement
released through X, the Eigen Foundation highlighted the importance
of this milestone: “We’re thrilled to announce the unlocking of the
EIGEN token, a big step for the Eigenlayer ecosystem. This opens up
new possibilities for open innovation, shared security, and
participation across the network.” Related Reading: EigenLayer’s
Exclusive $15 Billion Token Launch: Who’s In And Who’s Out? They
added that the unlock enables developers to build Actively
Validated Services (AVSs) using EIGEN staking, enhancing protocol
security and functionality. “The unlock of EIGEN marks the
beginning of broader engagement. It acts as a catalyst for economic
expansion, governance, and protocol development, driving growth and
strengthening the decentralized ecosystem,” the Eigen Foundation
added. Buy Or Sell Eigenlayer (EIGEN)? Market sentiment has been
mixed on the first day of trading. Lookonchain reported significant
purchases by whales, indicating strong interest from large-scale
investors. One transaction involved an address purchasing 383,672
EIGEN at $4.05, totaling $1.55 million. Another address spent 1.31
million USDC to acquire 318,651 EIGEN at $4.10. 2 whales bought
702,324 $EIGEN($2.86M) in the past 4 hours! 0x2dcd spent 588
$ETH($1.55M) to buy 383,672 $EIGEN at $4.05.https://t.co/QtcgQQJfSR
0xb112 spent 1.31M $USDC to buy 318,651 $EIGEN at
$4.1.https://t.co/qy5SoAuuru pic.twitter.com/Dzt65tYwJT —
Lookonchain (@lookonchain) October 1, 2024 Despite these buys, not
all activity has been bullish; notable crypto whale GCR was
reported to have sold a significant amount of EIGEN shortly after
the unlock, depositing over 250,000 EIGEN into Binance. “GCR
(@GiganticRebirth) claimed an airdrop of 253,946 EIGEN($1.06M)
through 7 wallets and deposited all of it into Binance 40 minutes
ago. #GCR“ Lookonchain reports. Crypto analyst Aylo offered a
comparison of EIGEN’s market performance relative to other tokens
via X: “EIGEN launched exactly in line with the pre-market price,
sitting at $7B FDV. A few coins with bigger FDVs than EIGEN
currently include OP ($8B), ONDO ($7.9B), UNI ($7.7B), FIL
($7.6),BCH ($7.2B),” he noted, suggesting that EigenLayer’s role in
Ethereum’s ecosystem could be a critical factor in its valuation.
Related Reading: EigenLayer Founder Reiterates Support For
Ethereum, Why Is ETH Struggling? “EigenLayer is the innovation on
Ethereum this cycle, and has had more coverage than almost anything
else in the EVM in the last year. Really does feel similar to the
conditions that TIA launched in. Does the PA play out the same way?
No unlocks for a year too…,” Aylo noted. Daan Crypto Trades,
another prominent analyst, remarked on the market dynamics: “EIGEN
Launched today. I think many market participants will be watching
the price action develop to gauge overall market strength and
sentiment. So far, price has held up, and even gone up slightly,
even though there’s a lot of airdrop participants selling their
tokens.” He speculated on the potential for EIGEN’s market
valuation to rise, indicating that the current conditions might be
more favorable than in recent months. “If the market keeps trending
from here I’m assuming EIGEN can go much higher than $7B FDV.
Earlier this year it was estimated to launch at $20B+ (in better
market conditions). Having said that, I don’t own any right now but
I’d definitely be a buyer at $2-3 and I think many would. So not
sure if it gets there at all if it doesn’t do so in the first few
days of airdrop selling,” Daan concluded. At press time, EIGEN
traded at $4.127. Featured image from Coinbase, chart from
TradingView.com
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