The cryptocurrency market is witnessing heightened activity, particularly following a major transaction involving a prominent investor. On October 10, reports surfaced on social media platform X indicating that a crypto whale executed a significant transfer of roughly 365,000 EigenLayer (EIGEN) coins, amounting to approximately $134 million, to the Binance exchange. This transaction is suspected to be aimed at liquidating the assets.
What Prompted the Whale’s Massive Transaction?
Just a week earlier, this whale received an airdrop of 536,000 EIGEN coins through P2P.org. In the days following, the investor started moving portions of these coins to exchanges in smaller transactions.
Will the Price of EIGEN Remain Steady?
The substantial transfer stirred anxiety within the cryptocurrency markets. As a result, EIGEN’s price has seen a decline of 9% over the past 24 hours. This behavior raises concerns that other large investors might follow suit, leading to additional selling pressure.
Noteworthy highlights from this transaction include:
- A total of 36,500 EIGEN coins moved to exchanges.
- 159,000 EIGEN coins, valued at about $59 million, remain in the whale’s wallet.
- The price of EIGEN is currently at $3.66, reflecting a 6.81% drop in value.
As the situation unfolds, the actions of this whale will be pivotal in determining the trajectory of the altcoin market. Market observers are particularly focused on whether the whale will liquidate the remainder of their holdings, as increased selling could lead to further declines in EIGEN’s value.