As a seasoned crypto investor with over a decade of experience under my belt, I find myself intrigued by the Eigenlayer (EIGEN) token launch today. Having witnessed numerous market cycles and countless projects, I’ve learned to read between the lines and spot potential winners.
As a researcher, I’m excited to share that the long-awaited trading of Eigenlayer’s EIGEN token commenced today, marking the removal of transfer restrictions imposed since its launch in May. Notably, prominent cryptocurrency platforms like Binance, Kraken, Coinbase, ByBit, and OKX have listed EIGEN, thereby increasing liquidity for holders of this token, many of whom received it through airdrops earlier this year.
As a researcher involved in the Eigen Foundation, I’m excited to share some exciting news: We’ve just successfully released the EIGEN token! This is a significant leap forward for our Eigenlayer ecosystem. The unlocking of this token paves the way for numerous opportunities in open innovation, shared security mechanisms, and enhanced network participation.
The Eigen Foundation mentioned that the activation of EIGEN allows developers to construct Actively Validated Services (AVSs) with EIGEN staking, which boosts both the security and functionality of the protocol. In simpler terms, this means the launch of EIGEN kickstarts a wider community involvement, stimulates economic growth, governance, and development of the protocol, thereby fostering growth and solidifying the decentralized network.
Buy Or Sell Eigenlayer (EIGEN)?
The initial trading day has seen a variety of opinions in the market, but some notable activity suggests enthusiasm among big-time investors. As per Lookonchain’s findings, whales have made substantial purchases, signaling their strong interest. One transaction saw an investor buying 383,672 EIGEN for approximately $1.55 million at $4.05 each. Another investor spent $1.31 million in USDC to acquire 318,651 EIGEN priced at around $4.10.
2 whales bought 702,324 $EIGEN($2.86M) in the past 4 hours!
0x2dcd spent 588 $ETH($1.55M) to buy 383,672 $EIGEN at $4.05.
0xb112 spent 1.31M $USDC to buy 318,651 $EIGEN at $4.1.
— Lookonchain (@lookonchain) October 1, 2024
Although these purchases have occurred, not every action can be classified as bullish; a prominent crypto investor known as GCR was recently observed selling a substantial amount of EIGEN shortly after its unlock, transferring over 250,000 EIGEN (approximately $1.06 million) to Binance. According to Lookonchain’s report, GCR (@GiganticRebirth) received an airdrop of 253,946 EIGEN and promptly moved it all to Binance just 40 minutes ago.
Crypto analyst Aylo provided an analysis of EIGEN’s market performance compared to other tokens using the following observation: “EIGEN debuted at its pre-market price, valued at $7B FDV. Some coins with higher current FDVs than EIGEN are OP ($8B), ONDO ($7.9B), UNI ($7.7B), FIL ($7.6B), and BCH ($7.2B).” He implied that EigenLayer’s significance within Ethereum‘s ecosystem might play a crucial role in its valuation.
Aylo pointed out that “EigenLayer is the significant innovation on Ethereum during this cycle, receiving more attention than nearly anything else related to the EVM in the past year. It seems quite comparable to the circumstances surrounding TIA’s launch. However, will the story unfold similarly for PA? There are no unlocks for a year as well…
Daan Crypto Trades, another well-known analyst, commented on the current market trends: “EIGEN was just launched. I believe many market players will closely monitor the price movement to determine overall market vigor and sentiment. As it stands, the price has remained stable and even slightly increased, despite a large number of airdrop participants offloading their tokens.
Daan suggested that EIGEN’s market value could significantly increase, suggesting that the current market conditions might be more advantageous compared to the past couple of months. In his opinion, if the market continues its upward trend, he believes EIGEN could surpass a valuation of $7 billion. Initially, it was projected to debut at over $20 billion in better market conditions. However, he doesn’t currently own any shares but would consider purchasing some between $2 and $3. He thinks many others would feel the same way. Ultimately, he isn’t sure if EIGEN will reach that valuation, especially if it doesn’t do so immediately after airdrop selling.
At press time, EIGEN traded at $4.127.
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2024-10-01 19:16