Crypto alternate pioneer Binance has as soon as once more reverberated optimism for EigenLayer (EIGEN) throughout the broader market on Wednesday, increasing choices for the token. Intriguingly, the alternate revealed that it’s including the crypto to loanable belongings and VIP loans, sparking investor enthusiasm globally. Meanwhile, market watchers speculate whether or not the improved providing might propel a reversal within the coin’s worth, given it traded down practically 4% in tandem with the announcement.
Binance Announcement On EIGEN Sparks Investor Enthusiasm
As per an official Binance announcement dated October 16, EigenLayer has been built-in into the alternate’s ‘Loans (Flexible Rate) and VIP loans’ beginning in the present day. This announcement has set off optimistic waves, providing market contributors enhanced publicity when coping with the asset. Flexible charges enable customers to borrow funds at a variable rate of interest, adjustable periodically primarily based on market situations. VIP loans on the platform primarily cater to high-volume customers, offering extra favorable phrases or bigger borrowing limits.
Altogether, the main crypto alternate’s announcement fuels optimism on the asset’s future prospects because it magnetizes extra traders to the digital asset. Simultaneously, it’s additionally price noting that the alternate’s earlier plans to bolster the identical challenge have injected further optimism into the crypto.
CoinGape Media not too long ago reported that Binance modified leverage and margin tiers for the abovementioned token. Simultaneously, one other report revealed that the alternate launched buying and selling bots providers for EIGEN/TRY. Overall, the improved choices underscore the main alternate’s help to the challenge, sparking optimism.
EIGEN Price Drops
However, regardless of the abovementined bulletins, EigenLayer seems to be driving a bearish wave. EIGEN worth in the present day traded at $3.33, down practically 6% up to now 24 hours. Moreover, the coin’s weekly chart exhibits a 19% crash. This slumping motion aligns with a large 11.22 million cash added to the provision as part of token unlocks on October 15.
Besides, Coinglass information confirmed a 7% drop within the coin’s futures OI to $132.06 million. Further, even the derivatives quantity dipped practically 13% to $357.61 million. This information additional aligns with the coin’s worth fall, hinting at lowered investor curiosity within the asset. Nevertheless, crypto market lovers proceed to eye the token for future worth motion shifts in gentle of the improved choices.
It’s price mentioning that Catizen (CATI) listing on Binance resulted in an exceptional rally because the alternate provided enhanced commerce choices. CATI worth is up over 400% to this point post-debut on the alternate. This hints that even EIGEN might rally forward with enhanced choices coming into play.
Additionally, a latest EIGEN price analysis by CoinGape additionally reveals that the token eyes a $5 goal forward within the wake of elevated whale accumulations.
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