A newly created address spent $3.013 million USDC to buy 791,000 EIGEN tokens, according to EmberCN monitoring earlier today.
In this transaction, USDC was converted to ETH and then used to buy EIGEN on average at $3.80 per token. A notable investment into the EigenLayer ecosystem was spent on the tokens purchased, which were later transferred to the wallet address 0x051…8d3.
Price Performance and Market Activity
Over the past week, EIGEN’s price action has ranged from a high of $3.94 to a low of $3.00. The token is up 1.39% for the week, and the price is $3.94.
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EIGEN reached a high of $3.882 earlier in the week with a few dips and climbed sharply in the last few days. This indicates new buying interest and bullish market sentiment in the token. Furthermore, the token’s market cap was up 10% to $734.42 million, while 24-hour trading volume jumped 117.39% to $475.20 million.
As of this writing, it had a circulating supply of 186.58 million tokens and a total supply of 1.68 billion. However, the high trading volume and overall market activity show that investors are still bullish.
Analyst View on EIGEN Price Movements
According to one market analyst, EIGEN’s price has been oscillating between $3.00 and $3.60, with repeated attempts to break through the resistance level at $3.80.
As per the chart, the support level at $3.20 has been tested many times and has held up, making this a strong buying zone. The formation of a possible double bottom pattern around the $3.20 mark is also appearing, and if this pattern is to hold, the price could increase.
The key resistance to watch is $3.80, and the fact that it has been rejected multiple times means there is strong selling pressure. If EIGEN can break through this level, it may trigger a more significant upward trend.
Justin Sun’s Token Activity
In other news, Justin Sun, TRON’s founder, has received 3.62 million EIGEN worth $14.1 million from EigenLayer’s 9.93 million unlocked tokens. He then deposited these tokens on Binance exchange at a price of $3.89 per token.
Justin has deposited around 8.86 million EIGEN worth $35.61 million to Binance at an average price of $4.02 since EigenLayer’s listing earlier this month. Following another recent development, the founder also made deposits on other major exchanges.
He recently deposited 5.4 million EIGEN worth $21.5 million to HTX. These moves clearly indicate Sun’s confidence in EIGEN’s liquidity and market prospects, drawing more attention to the token’s future potential.
