Qualia Research Institute Director Winslow Strong Sells All of His EIGEN Tokens, Sparking Rumors

According to Spot On Chain data, Winslow Strong, Director of the Qualia Research Institute, has sold all of his 704,902 EIGEN tokens, worth $2.23 million, via AmberGroup and CowSwap.

Winslow Strong, Qualia Research Institute’s director, has sold all 704,902 of his EIGEN tokens for a total of $2.23 million through AmberGroup and CowSwap, according to Spot On Chain data. This major transaction has sparked speculation about Strong's intentions and potential influence on EIGEN's market price.

Strong, who claimed the majority of these tokens from EigenLayer at its October 1st launch, also sold smaller amounts of two other restaking coins, SWELL and ETHFI, begging the question as to why he chose to exit these positions.

Winslow Strong (@winslow_strong), director of Qualia Research Institute, sold all 704,902 $EIGEN ($2.23M) via #AmberGroup and #CowSwap 10 hours ago.

He claimed most of these tokens from @EigenLayer on its Oct 1 launch. He also sold small amounts of two other #Restaking tokens,… pic.twitter.com/geVbDfwc4e

— Spot On Chain (@spotonchain) November 8, 2024

Meanwhile, as of press time, EIGEN is trading at around $3.20, showing a slight increase from the previous close of 0.03896%. Over the last 24 hours, EIGEN has seen a rather remarkable 4.00% gain.

The low touched $2.95, showing continuous price action among market interest, and the token's intraday high reached $3.31. The transaction seems to have slowed down more general market activity, and several bigger players are still showing hope in EIGEN's potential.

Zircuit Fairdrop and Whale Staking Reinforce EIGEN Community, Investor Confidence

In related news, as we covered previously, Layer 2 project Zircuit had a “fairdrop,” or token distribution event, designed to reward EIGEN token holders and stakers with ZRC tokens.

This project aims to increase community participation and enhance the Zircuit ecosystem by providing tangible incentives to dedicated members. The fairdrop distribution, reflecting a continuous effort to build and establish a devoted user base for Zircuit and EIGEN, has encouraged greater involvement.

Moreover, a whale staked 1.63 million EIGEN tokens, valued at approximately $5.47 million, on October 18th. This action highlights the ongoing faith and dedication of key investors in the project, despite the venture losing around $560,000 at the time.

The whale's decision to continue staking such a large sum indicates a long-term perspective and suggests that EIGEN's future value is highly anticipated, even amidst transient volatility.

Additionally, as we highlighted previously, Binance added three pairings on October 11th, 2024, for both spot trading and its Trading Bot operations: EIGEN/TRY, PEPE/FDUSD, and SUI/FDUSD.