EIGEN, the Eigenlayer Behind It and Where Are the Expectations Coming From?

Eigenlayer is a promising re-stakinking protocol whose goal is to enable Ethereum holders to reuse their staking assets as ETH itself and LSD

Eigenlayer's EIGEN token made a promising debut on the initial listing, starting at $4.10 and quickly reaching $4.47, marking its ATH. After experiencing a correction, it consolidated at $4.25 with a market cap of around $730 million. Another correction occurred, and at the time of writing, EIGEN is trading at $3.64.

EIGEN, the Eigenlayer Behind It, and Where Are the Expectations Coming From?

Eigenlayer is a promising re-staking protocol that aims to allow Ethereum holders to re-use their staking assets as both ETH itself and LSD, boosting dApp security and optimizing capital for a safer and more efficient DeFi ecosystem.

This initiative is ambitious and meaningful, garnering attention for its potential to enhance the overall crypto market. Its derivative token, EIGEN, has been highly anticipated by many in the crypto industry. This anticipation is evident in its peak capitalization of $730 million, ranking it 103rd among over 10,000 crypto assets.

More About EIGEN and Questions About Its Distribution

As mentioned earlier, it experienced a few corrections, bringing it closer to $3.78, then $3.84, and now consolidating at $3.64. With a current circulating supply of 186,582,000 EIGEN, its FDV is valued at $6.57 billion.

At the time of writing, 214,454 unique addresses hold EIGEN tokens, with 1,072.67 transactions recorded before the last correction.

The top 100 holders collectively hold around 82% of all tokens, with the three largest wallets holding 46% of the total token supply.

Conclusion

Overall, we can observe a very active start, despite a few corrections, as the project aims to significantly enhance the entire infrastructure.

However, for many, the distribution might raise questions about the token's decentralization and its vulnerability to large holders, which could potentially lead to further corrections.

We will continue to monitor the price dynamics closely, as early market sentiment tends to directly and swiftly translate into price.

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