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Long-awaited trading of Eigenlayer’s EIGEN token began today, following the lifting of transfer restrictions that have 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 token holders, many of whom obtained it through airdrops earlier this year.
In a statement Released through
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They added that unlocking enables developers to effectively create Verified Verified Services (AVSs) using EIGEN’s staking, enhancing the protocol’s security and functionality. “Opening EIGEN marks the beginning of broader participation. 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 was mixed on the first day of trading. Lookonchain reported significant buying by whales, indicating strong interest from major investors. One transaction involved purchasing a 383,672 EIGEN address at $4.05, for a total of $1.55 million. Another address spent 1.31 million USDC to get 318,651 EIGEN at $4.10.
2 whales bought 702,324 $king($2.86 million) in the past four hours!
0x2dcd spent 588 $ Ethereum($1.55 million) to purchase 383672 $king Priced at $4.05.https://t.co/QtcgQQJfSR
0xb112 spent 1.31 MB USD/USD To buy 318651 $king Priced at $4.1.https://t.co/qy5SoAuuru pic.twitter.com/Dzt65tYwJT
– Loconchain (@loconchain) October 1, 2024
Despite this buying, not all activity has been bullish; Prominent cryptocurrency whale GCR was reported to have sold a large amount of EIGEN shortly after the unlock, depositing over 250,000 EIGEN on Binance. “GCR (@GiganticRebirth) requested an airdrop of 253,946 EIGEN ($1.06M) through 7 wallets and deposited it all on Binance 40 minutes ago. #GCR” Lookonchain Reports.
Ilo cryptoanalyst I offered Comparing EIGEN’s market performance compared to other tokens via 8B), ONDO ($7.9 billion), UNI ($7.7 billion), FIL ($7.6), and BCH ($7.2 billion),” indicating EigenLayer’s role in the Ethereum ecosystem. It can be a decisive factor in its evaluation.
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“EigenLayer is the innovation in Ethereum this cycle, and has had more coverage than almost anything else in the EVM in the past year. It looks really similar to the circumstances under which TIA was launched. Is the PA playing the same way? It hasn’t been unlocked for a year either.” ..”, Aiello pointed out.
Daan Crypto Trades, another prominent analyst, Notice On market dynamics: “EIGEN was launched today. I think many market participants will be watching the development of the price action to gauge the strength and overall market sentiment. So far, the price has held up, and even risen slightly, although there are a lot of airdrop participants who They sell their premium currencies.
He speculated on the possibility of an increase in EIGEN’s market value, noting that current conditions may be more favorable than in recent months. “If the market continues to trend from here, I assume EIGEN can rise well above $7B in FDV. Earlier this year, it was estimated to launch at $20B+ (in better market conditions). Yet Saying that, I don’t own any right now but I would definitely buy at $2-3 and I think many will so I’m not sure if it will get there at all if it doesn’t in the first few days of the air sale.
At press time, EIGEN was trading at $4.127.
Featured image from Coinbase, chart from TradingView.com
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