bullish

EigenLayer

DeFi

Read

The native token of the Ethereum-based restaking protocol, EigenLayer, regained upward momentum, closing the gap with its all-time high. 
EigenLayer (<a href="https://crypto.news/price/eigenlayer/" target="_blank">EIGEN</a>) is up 17% in the past 24 hours and is trading at $4.07 at the time of writing. Its market cap is hovering at $760 million with a daily trading volume of $475 million. The asset even touched an intraday high of $4.15 earlier today before some traders started to take profits. 
At this point, EIGEN is 10% far from its ATH of $4.58 on Oct. 1, the day of its <a href="https://crypto.news/eigen-token-unlock-goes-live-with-debut-of-more-than-6-5b-fdv/" target="_blank">launch</a>. 
According to data provided by IntoTheBlock, over 4.6 million EIGEN tokens entered <a href="https://crypto.news/what-is-a-cex-a-beginners-guide-to-centralized-crypto-exchanges/" target="_blank">centralized exchanges</a> on Oct. 8. This movement shows the potential readiness of traders to take short-term profits as the token’s price neared its ATH. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1200" height="800" src="https://crypto.news/app/uploads/2024/10/ITB_eigen_netflows_undefined_2024-10-09T08_45_48.816Z.png" alt="4.6m EIGEN entered the exchanges, profit-taking could be on the way - 13" class="wp-image-14302449">
 <figcaption class="wp-element-caption">
 EIGEN price and exchange net flows – Oct. 9 | Source: <a href="https://app.intotheblock.com/coin/EIGEN/quick-view" target="_blank" rel="nofollow">IntoTheBlock</a>
 </figcaption>
</figure> 
 You might also like: <a rel="" href="https://crypto.news/whale-is-down-46m-on-btc-but-continues-to-accumulate-more/"> Whale is down $46m on BTC, but continues to accumulate more </a> 
Data shows that EigenLayer’s large holders’ net flow to exchange net flow ratio reached 9.18% on the same day. The indicator suggests that EIGEN whales have also started to accumulate the asset and drive the price upwards. 
Moreover, EIGEN recorded a total of $1.7 billion in whale transactions, worth at least $100,000, over the past week, per data from ITB. Whales have moved over 47 million EIGEN tokens, worth $177 million, in 277 unique transactions on Oct. 8 alone. 
According to <a href="https://defillama.com/protocol/eigenlayer#information" target="_blank" rel="nofollow">data</a> from DefiLlama, EigenLayer is currently the third-largest decentralized finance protocol with a total value locked of $10.7 billion. The restaking DeFi platform’s TVL surpassed the $20 billion mark in June and has been constantly declining since then. 
EIGEN’s 1H chart <a href="https://crypto.news/eigen-has-formed-a-bullish-pattern-but-two-risks-remain/" target="_blank">showed</a> a strong bullish pattern on Oct. 8, per a crypto.news report. It’s important to note that EIGEN’s token unlocks can bring the price down as the number of tokens in circulation increases. 
 Read more: <a rel="" href="https://crypto.news/moodeng-surges-over-40-in-24-hours/"> MOODENG surges over 40% in 24 hours </a>

4.6m EIGEN entered the exchanges, profit-taking could be on the way

crypto.news

Other articles published on Oct 9, 2024

Just In: US Charges Four Crypto Firms For Market Manipulation

3 Altcoins Revolutionizing the Digital Space: TRX, LINK, UNI

Avalanche Foundation Launches $40M Retro9000 Grant Program for L1 Developers

Avalanche Foundation Launches $40M Retro9000 Grant Program for L1 Developers

This Is the Moment for Bitcoin Price to ‘Bounce,’ Says Veteran BTC Investor

Canary Capital follows Bitwise in filing for spot XRP ETF

Join our free newsletter for daily crypto updates!