<p>The crypto community is buzzing with excitement! Earlier today, the EigenLayer Foundation announced the unlocking of its $EIGEN token. This move aims to empower developers, stakers, and ecosystem partners. After being listed on major exchanges, including <a href="https://coinpedia.org/exchange/binance-review/" target="_blank" rel="noreferrer noopener">Binance</a> Holdings, the EIGEN token has gained over 229,500 on-chain holders, marking a strong start for the project.</p>   
<p>Due to the unlocking, the altcoin has deep liquidity exceeding $6.55 million and opened trading with a fully diluted valuation of approximately $7 billion, along with a daily average trading volume of about $430 million.</p>   
<p>However, the market has experienced volatility, with the EIGEN price dropping around 25% in the past 24 hours, trading at about $4.29 during the mid-London session on Tuesday, October 1.</p>   
<h2 class="wp-block-heading" id="h-sell-pressure-increases-here-s-why-nbsp">Sell Pressure Increases - Here's Why &nbsp;</h2>   
<p>The Ethereum-based restaking project has faced increased selling pressure since its market debut. According to analysis from GeckoTerminal, the EIGEN/WETH trading pair has seen over 4,300 sell orders, compared to only 1,200 buy orders, indicating a significant imbalance in market activity.</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
   https://twitter.com/onchaindatanerd/status/1841039801170215218?s=46 
 </div>
</figure>   
<p>Following the token unlock, Spot On Chain has reported significant selling activity from <a href="https://coinpedia.org/price-prediction/trx-tron-price-prediction/" target="_blank" rel="noreferrer noopener">Tron </a>(TRX) founder Justin Sun. Notably, five addresses linked to Sun received 5.24 million EIGEN tokens, valued at over $21 million, within the last 24 hours.</p>   
<p>These tokens were deposited to the HTX exchange earlier today, raising market speculation.</p>   
<h2 class="wp-block-heading" id="h-institutional-interest-in-eigenlayer">Institutional Interest in EigenLayer</h2>   
<p>Despite the selling pressure, EigenLayer has attracted considerable support from institutional investors, particularly those looking to engage in the Ethereum staking program.</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
   https://twitter.com/onchaindatanerd/status/1841039801170215218?s=46 
 </div>
</figure>   
<p>Leading market makers Flow Traders and Auros Global each received approximately 3.454 million and 1.6 million EIGEN tokens, respectively. Additionally, Galaxy Digital acquired 1.52 million tokens, while two Ether whales purchased 702,324 $EIGEN tokens worth about $2.86 million in the past four hours, according to on-chain data from Lookonchain.</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
   https://twitter.com/onchaindatanerd/status/1841039801170215218?s=46 
 </div>
</figure>   [post_titles_links postid="357910"]   
<p><strong>What do you think about EIGEN's performance so far? Share your thoughts.</strong></p>

EIGEN Token Faces Rough Market Debut: Did Justin Sun’s Dump Cause a Sell-Off?

Table of Contents

CoinPedia News

Other articles published on Oct 1, 2024

3AC meme coin fund criticized for allocating 84% of tokens to team and insiders

NFT Sales Fall Again In Q3, 2024, Down Over 50% From Q2, 2024

NewRays Challenges Arkansas Ordinance Restricting Bitcoin Mining

$350 Million in Liquidations as Bitcoin (BTC) Price Dumped to 2-Week Low

Recent Developments Impact Cryptocurrency Markets

Unioverse Follows Public Sale With UNIO Token Listing on Major Exchanges

Join our free newsletter for daily crypto updates!