As a seasoned crypto investor with a knack for spotting promising projects, I find myself intrigued by the recent surge of EigenLayer (EIGEN). Having closely watched its journey since its launch, I can’t help but feel a sense of deja vu as it approaches its all-time high. The 17% jump in just 24 hours is certainly noteworthy, and the whale activity hints at potential long-term growth.
As a crypto investor, I’ve noticed an uptick in the price action of EigenLayer, the native token associated with the Ethereum-based restaking protocol. It seems to be closing the distance towards its record high.
At this moment, EigenLayer (EIGEN) has surged by 17% over the past 24 hours and is being traded at $4.07. Currently, its market capitalization stands around $760 million, with a daily trading volume of approximately $475 million. Earlier today, the asset reached an intraday peak of $4.15, but some traders have been cashing out their gains.
At this point, EIGEN is 10% far from its ATH of $4.58 on Oct. 1, the day of its launch.
Based on information from IntoTheBlock, approximately 4.6 million EIGEN tokens were transferred to centralized trading platforms on October 8th. This action suggests that traders may be prepared to capitalize on short-term gains as the token’s price approached its all-time high.
On the given day, it was observed that the rate at which EigenLayer’s major investors were transferring their holdings to exchanges compared to the overall exchange flow amounted to 9.18%. This statistic implies that significant EIGEN investors have begun to amass the asset, potentially leading to an increase in its price.
Furthermore, ITB’s data shows that EIGEN registered approximately $1.7 billion in whale-related transactions, each valued at least $100,000, within the last week. On October 8th alone, whales transferred over 47 million EIGEN tokens, equivalent to around $177 million, across 277 distinct transactions.
Based on information from DefiLlama, EigenLayer is presently ranked third among decentralized finance protocols, with a total value locked (TVL) of approximately $10.7 billion. In June, the re-staking DeFi platform’s TVL exceeded $20 billion but has been steadily decreasing since then.
According to an article from crypto.news published on October 8th, EIGEN‘s 1H chart demonstrated a robust bullish trend. However, it’s crucial to remember that as more EIGEN tokens become available (due to token unlocks), there could be a downward pressure on the price since the supply of these tokens in circulation increases.
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2024-10-09 12:52