Whale "0x373" Expands $EIGEN Position, Signaling Its Belief in the Token's Growth Potential

The cryptocurrency market is abuzz as whale 0x373, known for its profitable maneuvers, significantly expands its position in $EIGEN.

A cryptocurrency whale known for its profitable maneuvers has expanded its position in the smaller-cap token $EIGEN to the tune of millions of dollars, according to Spot On Chain. The whale, identified by the address 0x373, has been purchasing $EIGEN aggressively over the past week, with the token now ranking as the third-largest holding in its portfolio.

🐋 Another super whale is expanding their $EIGEN position!

Whale “0x373,” with a $70M profit from $PEPE, bought 319,114 $EIGEN for 252.4 $ETH ($870K) 5 hours ago, raising holdings to 1.39M $EIGEN ($3.56M).

$EIGEN is now their 3rd-largest holding, after:

• 3.33T $PEPE (worth:… https://t.co/kpRxin7tSW pic.twitter.com/iACkQFG489

— EIGEN Updates (@eigenupdates) May 13, 0x373’s $EIGEN purchases began on May 6, with the whale accumulating 4.483 million tokens over eight days, at a total cost of 3,391 ETH (around $10.44 million), according to Spot On Chain. The latest purchase occurred just an hour ago, with the whale buying 47,389 $EIGEN tokens for 105.08 ETH.

These purchases have brought the whale’s total $EIGEN holdings to 5.04 million tokens, valued at $11.14 million at the time of writing. The whale’s $EIGEN position now ranks second in its portfolio, behind only $PEPE, which is valued at $67.2 million.

The whale’s portfolio is heavily weighted towards smaller-cap, higher-risk assets, with a focus on tokens that have the potential to deliver high returns over a short period of time. At the top of its holdings is $PEPE, where the whale holds an astounding 3.33 trillion tokens, currently valued at $67.2 million. This investment has yielded a staggering $70 million profit, marking a 12.9x return on investment.

Another notable asset in the whale’s portfolio is $ENA, where it has allocated $5.96 million, resulting in a $1.65 million profit and a 34.5% return. The whale’s focus on $EIGEN has significantly reshaped the portfolio, with the token overtaking $ENA in terms of overall allocation.

Earlier today, the whale purchased 319,114 $EIGEN tokens for 252.4 ETH, approximately $870,000, increasing its holdings to 1.39 million tokens. Over the week, this position was more than tripled as the whale added millions of tokens, solidifying its influence in the $EIGEN market.

However, the whale’s $EIGEN investment has not yet yielded profits. With unrealized losses currently standing at $217,594 (-2.08%), this position represents a longer-term play. The whale’s history of successful high-risk investments, such as its profitable $PEPE trade, suggests confidence in $EIGEN’s potential to deliver substantial returns in the future.

Whale 0x373’s activities are more than just headline-grabbing; they have the potential to influence the broader $EIGEN market. The scale of these purchases has likely created upward pressure on the token’s price, drawing attention from other investors.

Market analysts are closely monitoring $EIGEN, speculating that the whale’s confidence may stem from strong fundamentals or upcoming developments within the token’s ecosystem. The whale’s large and growing $EIGEN position will undoubtedly amplify the token’s visibility and liquidity.

The whale’s interest in $EIGEN comes amid a larger trend of institutional-scale investments shaping smaller token markets. With EIGEN now firmly established as one of the whale’s largest holdings, other market participants are likely to follow its moves, which could help drive further attention and capital to the token.