EIGEN Whales Cash Out Amid Price Drop Ahead Of Token Unlock

In October, whales and institutions collectively spent $32.45 million USDC across 21 addresses to acquire 8.917 million $EIGEN tokens at an average price of $3.64 each. However, the selling phase has now begun, signaling caution for smaller investors. Since 7 PM last night, four significant addresses have redeemed 1,270,507 $EIGEN (valued at $5.02 million) from the EigenLayer staking contract. These tokens are being sold on-chain for ETH or USDC, further increasing selling pressure on the token. 这个 10 月份时通过 21 个地址花费 $3245 万 USDC 以 $3.64 的均价购买了 891.7 万枚 EIGEN 的鲸鱼/机构，从昨天晚上以来，开始在陆续赎回 EIGEN 并在链上出售了。 从昨晚 7 点以来，他们已经有 4 个地址从 EigenLayer 质押合约中赎回 1,270,507 枚 EIGEN ($5.02M) 并在链上正在出售换为 ETH 或… https://t.co/uG1UaMd1VZ pic.twitter.com/sF0Hxljysn — 余烬 (@EmberCN) December 22, 2024 Just a few days ago, $EIGEN reached a peak price of $5.60, enabling these large holders to secure profits of $17.65 million on their initial 8.917 million tokens. However, the token has since fallen sharply, hovering close to its original cost price of $3.64. Adding to the pressure, EigenLayer is scheduled to unlock $4.83 million worth of $EIGEN tokens (0.61% of total supply) on December 24. This event could introduce additional selling pressure, a common trend with newly launched tokens like $EIGEN, $ENA, and $MOCA. Investors should closely monitor this timeline as post-unlock periods often see increased volatility and significant price drops. That said, it’s worth noting that not all token unlocks result in declines. Some market makers have previously managed to defy expectations and sustain or even push prices higher, as seen with $APT. For now, $EIGEN holders should brace for potential turbulence while keeping an eye on market activity during the token unlock period. Understanding market dynamics and whale behavior remains crucial for navigating this highly volatile asset. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: Vintage Tone/ Shutterstock.com