CandleFocus 4.6m EIGEN entered the exchanges, profit-taking could be on the way
2024-10-09
Author: Content Editor
The native token of the Ethereum-based restaking protocol, EigenLayer (EIGEN), has regained momentum and is closing in on its all-time high. EIGEN has seen a 17% increase in the past 24 hours, trading at $4.07 with a market cap of $760 million. The token touched an intraday high of $4.15 before some traders took profits. Data suggests that EIGEN whales and traders are accumulating the asset and driving the price upwards. In the past week, there have been $1.7 billion in whale transactions, with over 47 million EIGEN tokens moved. EigenLayer is currently the third-largest decentralized finance protocol with a total value locked of $10.7 billion. However, the token's unlocks could potentially bring the price down as the number of tokens in circulation increases.
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