Recent insights from crypto commentator Altcoin Sherpa have spotlighted the Ethereum restaking protocol Eigenlayer (EIGEN), which is reportedly experiencing significant growth. Sharing updates with his 226,300 followers on the social media platform X, he emphasized that various factors could propel EIGEN’s value further.
What Makes EIGEN Stand Out in the Market?
Sherpa noted that EIGEN is a distinctive asset that has emerged at a pivotal time. With the anticipated Ethereum season, he predicted that EIGEN’s valuation could see an increase. Currently, it is priced reasonably, boasting a fully diluted market cap of $5.5 billion.
“The ETH season is probably coming. With its old excitement and current reasonable pricing, EIGEN looks particularly strong.”
He further highlighted the innovative technologies backing EIGEN and its impressive performance in a bullish market climate, showcasing a series of higher highs and lows on its 12-hour chart.
How Are AAVE and PEPE Performing in This Market?
Additionally, Sherpa discussed the AAVE token, which has successfully breached its resistance levels and appears to be on an upward trajectory. He indicated that AAVE could continue to rise following its movement past the $170 barrier.
“I continue to focus on AAVE. If DeFi truly rises, this token has much more potential to increase.”
As for the PEPE memecoin, he expressed optimism about its potential resurgence, believing it could regain value if it surpasses the $0.00001084 resistance level. He stated that high market cap memecoins represent solid investment opportunities.
- EIGEN is trading at $3.15, with a 7.6% increase in the past day.
- AAVE has risen to $181, up by 4.3%.
- PEPE is priced at $0.00001067, marking a 7.5% rise.
The recent performance of EIGEN, AAVE, and PEPE highlights a significant upward trend within the crypto market, sparking trader interest, particularly in EIGEN due to its robust technical indicators.