EigenLayer native token EIGEN worth jumps practically 15% on debut, making a excessive of $4.53. Crypto exchanges Binance and Coinbase are expanding support for the token, however the largest holder Justin Solar has began dumping tokens he obtained in airdrops. Will this set off a crash in EIGEN worth?
Binance & Coinbase Provides EigenLayer (EIGEN) to Merchandise
Ethereum liquid staking platform EigenLayer makes a spectacular debut on October 1, with the EIGEN worth rising virtually 15%. Crypto trade Binance, Coinbase, and different crypto companies similar to ether.fi expands help for the EIGEN token.
Binance has announced including EIGEN on a number of merchandise together with Earn, Purchase Crypto, Convert, Margin & Futures. The trade has already added the token as a brand new borrowable asset on Cross and Remoted Margin, alongside itemizing EIGEN/USDT and EIGEN/FDUSD pairs.
The trade can even launch the USD-M EIGEN perpetual contract with as much as 75x leverage, with USDT because the settlement asset.
In the meantime, Coinbase has begun to transition the EIGEN-PERP pre-launch market into an ordinary perpetual futures market. The conversion course of is anticipated to take 4 hours to totally full. It is going to be accessible for customers earlier than the US morning time.
As well as, liquid restaking platform ether.fi has launched eEIGEN to allow customers to stake their EIGEN on the platform and earn yields.
🔥 Introducing, eEIGEN which lets you restake your $EIGEN on https://t.co/gbHcksxzp2!
✅ Restaked EIGEN earns restaking yield and extra restaking rewards, paid out in LRT^2. eEIGEN additionally earns https://t.co/gbHcksxzp2 and @veda_labs factors.
Stake your EIGEN at… pic.twitter.com/NNAepj4goq
— ether.fi (@ether_fi) October 1, 2024
Justin Solar Dumping Tokens
Tron founder Justin Solar has obtained over $38.74 million in EigenLayer airdrops within the Ethereum ReStaking monitor. Additionally, there are nonetheless Puffer, Zircult, Swell, Kelp to be settled, which can make him the most important winner on this spherical of LRT narrative.
Spot On Chain reported that Justin Solar has already dumped all 5.24 million tokens to HTX. He made a revenue of $21.5 million because the token received listed on a premium. This dangers a fall in EIGEN worth as whales are prone to be part of the selloff quickly.
EIGEN worth jumped 15% previously 24 hours, with the value presently buying and selling at $4.21. The 24-hour high and low are $3.52 and $4.53, respectively.
In the meantime, Coinglass data signifies the full EigenLayer futures open curiosity has jumped 18% in a couple of hours, valued at $37.96 million.
Varinder Singh
Varinder has 10 years of expertise within the Fintech sector, with over 5 years devoted to blockchain, crypto, and Web3 developments. Being a expertise fanatic and analytical thinker, he has shared his data of disruptive applied sciences in over 5000+ information, articles, and papers. With CoinGape Media, Varinder believes within the big potential of those progressive future applied sciences. He’s presently overlaying all the newest updates and developments within the crypto business.
Disclaimer: The introduced content material might embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability to your private monetary loss.
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