Eigen Whale Bags $9M Tokens From Binance, EigenLayer To Rally?

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As a seasoned crypto investor with a knack for spotting trends and understanding market dynamics, I find myself intrigued by the recent moves of the so-called Eigen Whale. Accumulating 2 million EIGEN tokens worth over $9 million from Binance is certainly a move that catches my attention. However, the subsequent drop in the EigenLayer price today has me scratching my head a bit.

A significant investor, known as an Eigen whale, has drawn attention with a recent purchase of 2 million EigenLayer tokens. As per the latest figures, this transfer, valued at over $9 million, was made from Binance, one of the major cryptocurrency exchanges. Yet, despite this recent influx of buying, the price of Eigen has dipped today, sparking more debate within the crypto market.

Eigen Whale Bags $9M Tokens From Binance

In my recent analysis, I’ve drawn attention to a significant transaction involving the Eigen Whale and EigenLayer tokens. As per a recent report by Lookonchain, this prominent on-chain analytics firm, the whale moved approximately 2 million EigenLayer tokens, equivalent to around $9.06 million, off Binance over the last two days. It’s worth mentioning that the latest acquisition by this whale was 1.6 million EIGEN, valued at roughly $7.25 million, from the same exchange.

Such a large purchase suggests that the trader is very optimistic about the asset’s future prospects. Yet, even with this significant transaction, the price of EigenLayer has seen a decline today, which has stirred debates within the wider cryptocurrency community.

It seems that Justin Sun’s latest action of selling 322,119 EIGEN valued at approximately $1.44 million to HTX has set off alarm bells among some traders. To provide more context, he also sold other tokens such as ETHFI and ETH on the same exchange not long ago, which has raised market concerns.

Will EIGEN Price Rally?

Today, Eigen’s price dipped approximately 1%, trading at $4.44. Remarkably, its one-day trading volume surged by 35% to reach $280 million. It reached a peak of $4.97 and a low of $4.38 within the past day, touching a new 24-hour high. On December 7, it hit an all-time high of $5.06. Data from CoinGlass revealed that EigenLayer Futures Open Interest saw a decline of 0.2% to $116.9 million, suggesting that investors are momentarily holding back after the significant surge.

Significantly, the market continues to express a positive outlook towards the asset. To clarify, Binance recently included Eigen in their list of loanable assets and VIP loans, which suggests that the platform has faith in the coin’s potential.

At the same time, it seems whales are turning their attention to cryptocurrencies, potentially fueling an upward trend. To clarify, a significant whale investor in Pepe Coin moved its attention towards EIGEN last month, offloading 130 billion PEPE tokens.

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2024-12-09 12:49