As a researcher with years of experience in the volatile world of cryptocurrencies, I find myself intrigued by the recent events surrounding EigenLayer (EIGEN). The token’s impressive debut, coupled with the expansive support from major exchanges like Binance and Coinbase, paints a promising picture. However, the significant dumping of tokens by Justin Sun, a key player in the crypto space, raises some concerns.
In simple terms, the native token of EigenLayer, called EIGEN, surged approximately 15% during its initial release, reaching a peak of $4.53. Notably, crypto platforms Binance and Coinbase are planning to back EIGEN, but its largest shareholder, Justin Sun, has begun selling off tokens he received through airdrops. This leads us to wonder if this move could potentially cause the EIGEN price to plummet.
Binance & Coinbase Adds EigenLayer (EIGEN) to Products
On October 1, Ethereum liquid staking platform EigenLayer launched impressively, with its EIGEN token price surging nearly 15%. Major cryptocurrency exchanges like Binance, Coinbase, and others such as ether.fi are expanding their support for the EIGEN token.
On several platforms like Earn, Purchase Crypto, Exchange, Margin Trading, and Futures, Binance has announced the inclusion of EIGEN. Already, the token is available as a new asset that can be borrowed on Cross and Isolated Margin. Additionally, EIGEN/USDT and EIGEN/FDUSD trading pairs have been listed.
The trading platform will additionally introduce a USD-M EIGEN perpetual contract that offers up to 75 times leverage, and this contract will settle using Tether (USDT).
In the meantime, Coinbase is transforming the EIGEN-PERP pre-launch market into a traditional perpetual futures market. This transition process should be completed within 4 hours. Users can access it prior to the US morning.
Furthermore, the liquid restaking platform known as ether.fi recently introduced eEIGEN to allow users to deposit their EIGEN on the platform and receive returns as rewards.
Introducing, eEIGEN which allows you to restake your $EIGEN on !
Restaked EIGEN earns restaking yield and additional restaking rewards, paid out in LRT^2. eEIGEN also earns and @veda_labs points.
Stake your EIGEN at…
— ether.fi (@ether_fi) October 1, 2024
Justin Sun Dumping Tokens
Justin Sun, the founder of Tron, has been awarded more than $38.74 million worth of EigenLayer airdrops through the Ethereum ReStaking program. Additionally, there are yet to be distributed rewards for Puffer, Zircult, Swell, and Kelp. If these remain unchanged, Sun could potentially emerge as the largest beneficiary in this round of LRT storyline.
According to Spot On Chain, Justin Sun has sold off his entire 5.24 million tokens to HTX, earning himself a $21.5 million profit due to the token’s premium listing. This move could potentially lead to a decrease in EIGEN’s price as influential investors (whales) may follow suit and start selling as well.
In just a short period, data from Coinglass shows that the total value of open EigenLayer futures contracts increased by approximately 18%, currently standing at around $37.96 million.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD PHP PREDICTION
- BICO PREDICTION. BICO cryptocurrency
- USD ZAR PREDICTION
- USD CLP PREDICTION
- USD COP PREDICTION
- VANRY PREDICTION. VANRY cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- EUR RUB PREDICTION
2024-10-01 11:14