EIGEN has recently seen a great deal of adoption in the cryptocurrency market after a series of listings on major exchanges. EIGEN has been recently listed on Binance and is also now listed on the KuCoin exchange platform. Such listings have highly enhanced the visibility of the Eigenlayer token in relation to such platforms. As the EIGEN continues to make appearances in some of the major platforms for trading, the activity on the token has greatly increased.
$EIGEN trading is now live on #KuCoin!
— KuCoin (@kucoincom) October 1, 2024
🚀EIGEN/USDT: https://t.co/3Ts2CLKqj8
Find out more about @eigenlayer in #KuCoinCryptoGem card.#LiquidStaking #ETHEcosystem https://t.co/c5urtKS0t2 pic.twitter.com/B5mxe4Ze60
Coinbase has also made a notable move by transitioning the EIGEN-PERP pre-launch market into a standard perpetual futures market. This shift began on October 1, allowing traders to access EIGEN through Coinbase’s established futures platform. The transition reflects the growing interest in EIGEN as it becomes a focus for market participants.
Market Cap and Price Surge
The demand for EIGEN is reflected in its rising market statistics. The market capitalization for Eigenlayer has now reached $762 million, showing investor confidence. EIGEN’s price surged to $4.10, accompanied by a significant rise in 24-hour trading volume. This increase in volume points to heightened interest in the token.
EigenLayer Enhances ETH Restaking by Upgrading EigenPodEIGEN has risen by 2% since its initial exchange listings and is trading above $4, according to CoinGecko data. While the price has been climbing, a consolidation phase has emerged. The sideways trend suggests bullish momentum has slowed. However, the lack of a price drop indicates that buyers are holding onto their tokens. This could lead to a steady market environment for the time being.
Sideways Trend and Notable Transactions
Although the price of EIGEN has been rising, the market is now experiencing a period of consolidation. This sideways trend often occurs after a rapid rally. It suggests the market is pausing rather than reversing. A potential double-bottom pattern may emerge, signaling future upward movement.
During these developments, something interesting happened with EIGEN: Justin Sun, founder of Tron bought some of it. After the listing of the EIGEN token, he transferred 5.24 million EIGEN tokens worth $21.5 million to HTX. The tokens were claimed from Eigenlayer through five addresses in the last one day. This big order shows that EIGEN has much demand, especially from headline investors.
