Eigenlayer starts trading: whales and experts respond

The extremely anticipated buying and selling of Eigenlayer’s EIGEN token started immediately, following the lifting of switch restrictions in place because the token’s launch in Might. Main cryptocurrency exchanges together with Binance, Kraken, Coinbase, ByBit and OKX have listed OWN, offering liquidity to holders of the token, lots of whom obtained it through airdrops earlier this yr.

In a single statement launched through This opens up new alternatives for open innovation, shared safety and participation throughout the community.”

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They added that the unlock permits builders to construct Actively Validated Providers (AVSs) utilizing EIGEN staking, bettering protocol safety and performance. “The unlocking of EIGEN marks the start of a broader dedication. It acts as a catalyst for financial growth, governance and protocol improvement, stimulates development and strengthens the decentralized ecosystem,” says the Eigen Basis.

Purchase or promote Eigenlayer (EIGEN)?

Market sentiment was blended on the primary day of buying and selling. Lookonchain reported vital buying by whales, indicating sturdy curiosity from large-scale traders. One transaction concerned an handle buying 383,672 OWN for $4.05, totaling $1.55 million. One other handle spent 1.31 million USDC to amass 318,651 OWN for $4.10.

2 whales purchased 702,324 $OWN($2.86 million) within the final 4 hours!

0x2dcd issued 588 $ETH($1.55 million) to purchase 383,672 $OWN for $4.05.https://t.co/QtcgQQJfSR

0xb112 has spent 1.31 million $USDC to purchase 318,651 $OWN for $4.1.https://t.co/qy5SoAuuru pic.twitter.com/Dzt65tYwJT

— Lookonchain (@lookonchain) October 1, 2024

Regardless of these purchases, not all exercise was bullish; Notable crypto whale GCR is claimed to have offered a big quantity of OWN and deposited over 250,000 OWN into Binance shortly after unlocking. “GCR (@GiganticRebirth) claimed an airdrop of 253,946 OWN ($1.06 million) through 7 wallets and deposited all of it into Binance 40 minutes in the past. #GCR“Corpseonchain reports.

Crypto analyst Aylo offered a comparability of EIGEN’s market efficiency in opposition to different tokens through Just a few cash with bigger FDVs than OWN presently embody OP ($8 billion), ONDO ($7.9 billion), UNI ($7.7 billion), FIL ($7.6), BCH ($7.2 billion),” he famous on, suggesting that EigenLayer’s function in Ethereum’s ecosystem might be a vital consider its valuation.

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“EigenLayer is the innovation on Ethereum this cycle and has had extra protection previously yr than virtually anything within the EVM. It actually resembles the circumstances during which TIA launched. Does the PA play the identical means? Additionally no unlocks for a yr…’ Aylo identified.

Daan Crypto Trades, one other distinguished analyst, noted available on the market dynamics: “EIGEN launched immediately. I feel many market contributors will watch the value motion develop to gauge general market power and sentiment. To date, the value has remained steady and even elevated barely, though there are lots of airdrop contributors promoting their tokens.”

He speculated on the potential for EIGEN’s market worth to rise, indicating that present circumstances might be extra favorable than in latest months. “If the market continues to evolve from right here, I assume EIGEN can go a lot increased than $7 billion FDV. Earlier this yr, the launch was estimated at $20 billion+ (in higher market circumstances). That mentioned, I do not presently personal one, however I might undoubtedly be a purchaser at $2-3 and I feel many would. So I am unsure if it should even get there if it does not do this within the first few days of airdrop gross sales,” Daan concluded.

On the time of writing, OWN was buying and selling at $4,127.

Featured picture of Coinbase, chart from TradingView.com