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 Sun has began dumping tokens he acquired in airdrops. Will this set off a crash in EIGEN worth?
Binance & Coinbase Adds EigenLayer (EIGEN) to Products
Ethereum liquid staking platform EigenLayer makes a spectacular debut on October 1, with the EIGEN worth rising virtually 15%. Crypto alternate Binance, Coinbase, and different crypto corporations akin to ether.fi expands help for the EIGEN token.
Binance has announced including EIGEN on a number of merchandise together with Earn, Buy Crypto, Convert, Margin & Futures. The alternate has already added the token as a brand new borrowable asset on Cross and Isolated Margin, alongside itemizing EIGEN/USDT and EIGEN/FDUSD pairs.
The alternate will even launch the USD-M EIGEN perpetual contract with as much as 75x leverage, with USDT because the settlement asset.
Meanwhile, Coinbase has begun to transition the EIGEN-PERP pre-launch market into a regular perpetual futures market. The conversion course of is anticipated to take 4 hours to completely full. It will probably be out there for customers earlier than the US morning time.
In addition, 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 Sun Dumping Tokens
Tron founder Justin Sun has acquired over $38.74 million in EigenLayer airdrops within the Ethereum ReStaking monitor. Also, 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 Sun 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% up to now 24 hours, with the value at the moment buying and selling at $4.21. The 24-hour high and low are $3.52 and $4.53, respectively.
Meanwhile, 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 information of disruptive applied sciences in over 5000+ information, articles, and papers. With CoinGape Media, Varinder believes within the large potential of those revolutionary future applied sciences. He is at the moment masking all the newest updates and developments within the crypto business.
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