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Cryptocurrency News Articles
EIGEN Layer Reaches New Highs as Justin Sun Receives Millions of Unlocked Tokens
Oct 10, 2024 at 02:27 am
A newly created address spent $3.013 million USDC to buy 791000 EIGEN tokens, according to EmberCN monitoring earlier today.
A new address has purchased 791,000 EIGEN tokens for a total of $3.013 million USDC, according to recent transactions monitored by EmberCN.
The address, 0x051…8d3, purchased the tokens at an average price of $3.80 each, converting USDC to ETH and then using the ETH to buy EIGEN on the open market.
After buying the tokens, the address transferred them to another wallet.
EIGEN’s price has ranged from a high of $3.94 to a low of $3.00 over the past week. The token is up 1.39% for the week and is trading at $3.94.
Earlier in the week, EIGEN reached a high of $3.882 with a few dips and climbed sharply in the last few days. This indicates new buying interest and bullish market sentiment in the token.
Additionally, the token’s market cap increased by 10% to $734.42 million, while 24-hour trading volume jumped 117.39% to $475.20 million.
As of now, it had a circulating supply of 186.58 million tokens and a total supply of 1.68 billion. However, the high trading volume and overall market activity show that investors are still bullish.
According to one market analyst, EIGEN’s price has been attempting to break through the resistance level at $3.80, having bounced off the support level at $3.20 multiple times.
As per the chart, the support level at $3.20 has held up after being tested many times, making this a strong buying zone. The formation of a possible double bottom pattern around the $3.20 mark is also appearing, and if this pattern is to hold, the price could increase.
On the other hand, the key resistance to watch is $3.80, and the fact that it has been rejected multiple times indicates strong selling pressure. If EIGEN can break through this level, it may trigger a more significant upward trend.
In other news, Justin Sun, the founder of TRON, has received 3.62 million EIGEN, valued at $14.1 million, from EigenLayer’s 9.93 million unlocked tokens. He then proceeded to deposit these tokens on the Binance exchange at a price of $3.89 per token.
Justin has deposited around 8.86 million EIGEN, valued at $35.61 million, to Binance at an average price of $4.02 since EigenLayer’s listing earlier this month. The founder also made deposits on other major exchanges, among the latest developments.
He recently deposited 5.4 million EIGEN to HTX, which are valued at $21.5 million. These moves highlight Sun’s confidence in EIGEN’s liquidity and market prospects, bringing more attention to the token’s future potential.
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