As a seasoned researcher with over two decades of experience in the dynamic world of cryptocurrencies and blockchain technology, I have witnessed numerous launches and evolutions of digital assets. The debut of EIGEN, the native token of EigenLayer, is undeniably one of the most intriguing events I’ve observed lately.
Since its debut on October 1, 2024, EigenLayer’s native token, EIGEN, has experienced impressive growth and managed to break into the list of the top 100 cryptocurrencies in terms of market capitalization.
At 5:00 AM UTC, EIGEN commenced trading on Binance, with its token prices varying between $3.50 and $4.50. Presently, it’s being traded at $4.18, equating to a market capitalization of roughly $7.7 billion when considering all outstanding shares.
Currently, EIGEN holds the 85th spot in market capitalization, which places it below well-established tokens like Optimism ($1.67), Uniswap ($6.99), and Filecoin ($3.62). However, it ranks higher than Ethena ($0.3602).
To start off, the token made its first appearance priced according to the forecasts prior to market opening. It momentarily peaked at $4.44 before stabilizing approximately at $3.80. This current price point signifies EIGEN’s evolution from casual over-the-counter transactions, which were estimated to be worth around $2 in August.
EigenLayer is a well-known staking tool that enables users to secure their ETH, supporting external networks. Currently, the platform holds approximately $12 billion in combined value (total value locked or TVL), which is nearly half of its record high of $20 billion reached earlier this year.
Data from SpotOnChain shows a notable amount of transactions related to large investors, or “whales.” For instance, Justin Sun, co-founder of TRON, moved 5.24 million EIGEN tokens to the HTX exchange. Furthermore, Binance received substantial deposits of EIGEN tokens; these came from HashKey Capital (496,013 EIGEN) and another well-known wallet (253,947 EIGEN).
It’s observed that while certain significant investors are offloading EIGEN, other investors are amassing it. Particularly, two major players have acquired a total of 702,324 EIGEN tokens, which equates to approximately $2.86 million in value.
EIGEN is referred to as a “Universal, Interpersonal Work Token” that tackles problems related to universality, seclusion, measurement, and payment. The purpose of using this token is to encourage user involvement in the EigenLayer network, enabling the building of Actively Validated Services (AVSs) and enhancing overall management and protocol advancement.
The launch has sparked enthusiasm within the community, as underscored by Aylo, the founder of Alpha Please, who pointed out that EigenLayer symbolizes substantial innovation within the Ethereum network.
Aylo pointed out that six months ago, it was questionable whether EIGEN’s value would be lower compared to other notable tokens. However, he emphasized that EigenLayer has since emerged as a significant innovation in the Ethereum network, garnering substantial interest within the Ethereum Virtual Machine (EVM) community over the past year.
EIGEN’s initial trade signifies the growing importance of EigenLayer within the decentralized finance (DeFi) sector, making it a promising token worth keeping an eye on in the near future.
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2024-10-01 21:56