Re-staking protocol gains traction as EIGEN trading begins, with whale activity and market dynamics in focus.
EigenLayer is an protocol built on the Ethereum blockchain. It introduces the concept of re-staking, which allows Ethereum validators to secure other decentralized applications (DApps). This approach not only enhances the security of these applications but also provides a testing ground for new features before they are integrated into the main Ethereum network.
CoinW, a cryptocurrency trading platform, has announced the listing of EIGEN, EigenLayer’s native token, in its DeFi Zone. Trading for the EIGEN/USDT pair has begun on October 1, 2024.
Recently, the EIGEN token experienced a 17% price increase, reaching $4.07, which is close to its all-time high of $4.58. On October 8, a significant movement of over 4.6 million EIGEN tokens into exchanges was observed. This influx suggests that traders might be preparing to take profits, especially as the token nears its peak value.
Large holders, often referred to as "whales," have been actively accumulating EIGEN tokens. Over the past week, whale transactions amounted to $1.7 billion, indicating strong interest from major investors. EigenLayer has become the third-largest DeFi protocol, boasting a total value locked (TVL) of $10.7 billion. However, the upcoming token unlocks could increase the circulating supply, potentially affecting the token’s price.
