Recently, the cryptocurrency market has experienced increased activity, drawing attention to a significant transaction by a major trader. On October 10, social media platform X reported that a crypto whale transferred approximately 365,000 EigenLayer (EIGEN) coins, valued at around $134 million, to the Binance exchange. This transfer is believed to be intended for sale.
Whale Gains Attention After Receiving 536,000 EIGEN Airdrop
The whale had previously received an airdrop of 536,000 EIGEN coins just a week prior through P2P.org. However, in the last three days, this trader has begun sending some of these coins to exchanges in smaller amounts.
With the latest transaction, a total of 36,500 EIGEN coins were sent to exchanges, while the remaining 159,000 EIGEN coins, worth approximately $59 million, still reside in the whale’s wallet.
EIGEN Coin Price Declines
The large transfer has caused unease in the cryptocurrency market. Following this event, the price of EIGEN has decreased by 9% over the past 24 hours. The likelihood of substantial investors selling may induce further sell pressure among traders.
Such large transactions typically tend to increase market volatility and trigger sharp price movements. Therefore, the whale’s subsequent actions are critical for the future direction of the altcoin. Currently, all eyes are on whether the whale will sell the remaining coins, as many market observers believe that increasing pressure could prompt traders to offload their EIGEN holdings.
As of the time of this report, EIGEN is trading at $3.66, reflecting a 6.81% drop in the past 24 hours.
