EIGEN Trading: The First Week of Trading

EIGEN trading launched on Sept. 30, with an estimated initial market capitalization of $700 million. Below, we analyze the initial price movements, changes in total value locked (TVL), and trading activity on major exchanges.

EIGEN token began trading on September 30th, and its initial market capitalization was around $700 million. We analyzed the initial price movements, changes in total value locked (TVL), and trading activity on major exchanges.

EIGEN started trading at $4 and quickly reached its all-time high (ATH) of $4.47 on October 1st. This momentum was short-lived, as the token began a steady decline over the following days. By October 6th, the price of EIGEN had dropped to its lowest recorded level of $3.06.

At the time of writing, EIGEN is trading at $3.26, indicating continued price fluctuations and a cautious investor approach.

The EigenLayer protocol, which powers EIGEN, has attracted significant attention due to its dominant position in the restaking category. According to DeFiLlama, EigenLayer’s Total Value Locked currently stands at $10.76 billion, making it the largest protocol in its niche.

However, this represents an 11% decline in TVL over the past week, indicating a shift in sentiment or the repositioning of assets by investors. Despite this, EigenLayer remains the third-largest protocol overall by TVL, trailing behind Lido (LDO) and Aave (AAVE), which hold $23.8 billion and $11.9 billion in TVL, respectively.

Binance, the largest centralized exchange (CEX) for EIGEN trading, has been a major player in providing liquidity for the token.

According to Binance’s data, EIGEN’s trading volume on the platform reached $172.5 million, accounting for 23.15% of its overall volume.

However, EIGEN has been outpaced by other tokens on Binance, such as Litecoin (LTC) and Tron (TRX), which saw $214.06 million and $182.61 million in trading volume, respectively. In terms of overall trading volume on Binance, EIGEN ranked 19th, indicating that while the token has garnered some interest, it is yet to achieve a top-tier position.

It can be assumed that EIGEN trading has not generated as much reaction in the crypto community as expected. Investors are also waiting for a period when volatility will pass and there will be more data for analytics.

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