Crypto analyst Altcoin Sherpa indicates that the Ethereum (ETH) 
$2,315 restaking protocol Eigenlayer (EIGEN) has begun to show significant growth. In a statement made to his 226,300 followers on the social media platform X, he noted that EIGEN could continue to gain value due to various factors.
EIGEN’s Performance and Technical Analysis
Altcoin Sherpa emphasized that EIGEN is a unique coin/trade that has not been seen in its timeline. He suggested that its value might rise with the onset of the Ethereum season. The analyst highlighted that EIGEN is currently reasonably priced with a fully diluted value of $5.5 billion.
“The ETH season is probably coming. With its old excitement and current reasonable pricing, EIGEN looks particularly strong.”
He pointed out that EIGEN possesses new technologies and is performing exceptionally well amid a generally bullish market trend. He referred to its chart, showcasing higher highs and higher lows in the 12-hour timeframe.
Expectations for AAVE and PEPE
Altcoin Sherpa also noted that AAVE, the native token of a leading lending platform on Ethereum, has broken through its resistance level and is on an upward trajectory. He indicated that AAVE could be in an uptrend following its rise above the $170 level.
“I continue to focus on AAVE. If DeFi truly rises, this token has much more potential to increase.”
Regarding the PEPE memecoin, he mentioned it could regain value if it surpasses the $0.00001084 resistance level. He expressed his belief that memecoins with high market capitalization present excellent investment opportunities.
“PEPE will ultimately move entirely upward. High market cap memecoins are good bets.”
According to the analyst’s updates, EIGEN is currently trading at $3.15, having gained 7.6% in the last 24 hours. AAVE has increased to $181, showing a 4.3% uptick, while PEPE trades at $0.00001067 with a 7.5% rise. The recent performances of EIGEN, AAVE, and PEPE indicate notable surges in the crypto market. Traders may continue to show interest in EIGEN, particularly due to its strong technical indicators.
