Eigen Whale Bags $9M Tokens From Binance, EigenLayer To Rally?

An Eigen whale has caught the eyes of the market participants with his move, accumulating 2 million EigenLayer recently. According to the latest data, the whale made the transfer, worth over $9 million, from one of the leading crypto exchanges, Binance. However, despite the recent buying, the Eigen price has dropped today, fueling further discussions in the crypto market.

Eigen Whale Bags $9M Tokens From Binance

In a recent X post, the leading on-chain analytics firm Lookonchain has highlighted the transaction. According to the report, Eigen Whale has transferred 2 million EigenLayer tokens, valued at around $9.06 million, from the top crypto exchange, Binance, over the last two days. Notably, the latest purchase of the whale was 1.6 million EIGEN from the exchange, worth around $7.25 million.

This massive buying indicates that the trader remains confident about the asset’s long-term potential. However, despite this hefty transfer, the EigenLayer price has noted a retreat today, sparking discussions in the broader crypto market.

Meanwhile, it appears that the recent move by Tron founder Justin Sun has caused panic among some traders. For context, Sun has recently dumped 322,119 EIGEN, worth around $1.44 million, to HTX, sparking market concerns. Besides, he also dumped other tokens like ETHFI, ETH, into the same exchange recently.

Will EIGEN Price Rally?

Eigen price today was down around 1% and exchanged hands at $4.44. However, its one-day trading volume jumped 35% to $280 million. Notably, the crypto has touched a 24-hour high of $4.97 and a low of $4.38, while hitting its all-time high of $5.06 on December 7. CoinGlass data showed that EigenLayer Futures Open Interest also noted a slump of 0.2% to $116.9 million, indicating that the investors are taking a pause after the massive rally.

Notably, the market appears to have remained optimistic on the asset. For context, Binance added Eigen to its loanable assets and VIP loans earlier this year, showcasing the exchange’s confidence in the coin.

Meanwhile, the whales are also appearing to be shifting their focus towards the crypto, which could support a further rally ahead. For context, a recent report showed that a Pepe Coin whale shifted its focus towards EIGEN last month, selling 130 billion PEPE.