EigenLayer Price Continues to Skyrocket, Defying the Odds and Leading the Top Gainer Chart on Wednesday

Eigen's price crossed the critical $4 mark, up nearly 19% in 24 hours. After hitting a high of $4.13, the highest it's been this week, the token is currently seeing a minor retracement.

EigenLayer (CRYPTO: EIGEN) price continues to defy the odds, leading the top gainer chart on Wednesday. Its price crossed the critical $4 mark with a gain of nearly 19% in 24 hours.

After hitting a high of $4.13, the highest it’s been this week, the token is currently seeing a minor retracement. At press time, it was trading at $3.98.

Justin Sun Now Holds 8.86M Eigen Tokens Worth $35.61M

Following EigenLayer’s 9.93M token unlock last night, Justin Sun received 3.62M $EIGEN ($14.1M) and deposited it all to Binance at ~$3.89.

Since the @eigenlayer listing on Oct 1, @justinsuntron claimed and deposited a total of 8.86M $EIGEN ($35.61M) to #Binance at an average price of $4.02.

After the eigenlayer listing on October 1st, Justin Sun claimed and deposited a total of 8.86M $EIGEN ($35.61M) to Binance at an average price of $4.02.

According to data from Binance, the crypto entrepreneur has now deposited a total of 8.86M Eigen tokens on Binance. At an average price of $4.02, the total value of his EIGEN holdings comes out to be $35.61 million.

As reported earlier by Protos, Sun had wasted no time in depositing all his newly acquired Eigen tokens on Binance. At the time, the price of EIGEN was around $3.89. Sun had also deposited Eigen tokens earlier on October 1st after EigenLayer’s listing.

Combined with yesterday’s deposit, the crypto entrepreneur now holds over 8 million Eigen tokens. At press time, the total value of his EIGEN holdings, based on its market price, is around $34 million.

EigenLayer Price To Hit $5 This Week?

EigenLayer was listed on October 1st, and the token has since shed value despite a strong rebound this week. At launch, the token was trading around $4.30.

Last week, following news of a security breach in which Eigen tokens worth $5.7 million were lost, its price slumped to $3.10. However, since the possibility of insider involvement in what was perceived as a whale token dump was ruled out, $Eigen has posted consistent double-digit percentage gains on the daily chart.

On Wednesday, the token crossed the key $4 mark. The likely trigger for the fresh rally is the successful token unlock event last night. Though the RSI is neutral, the community sentiment remains bullish.

Additionally, trading volume, according to data from CoinMarketCap, has spiked over 83% in the last 24 hours.

It shows that investors are confident, and the buying pressure has pushed the token price into a zone from where it could challenge the price at which it initially started trading. The key level to watch for would be $4.30. If EigenLayer’s price moves past that point, it could climb further towards the $5 target.

EigenLayer’s 9.93M Token Unlock: Here’s What Happened

Moreover, the latest from Lookonchain claims that there are two fresh wallets that bought 1.63M Eigen tokens.

2 fresh wallets (likely belonging to the same person) spent 2,471 $ETH($6.03M) to buy 1.63M $EIGEN in the past 30 hours.

0x45cE spent 1,234 $ETH($3.01M) to buy 791,845 $EIGEN at $3.8.https://t.co/JYLX4d9dNI

0x2425 spent 1,237 $ETH($3.02M) to buy 835,391 $EIGEN at $3.61.

… pic.twitter.com/ENb1OyCsqJ

The amount clearly shows a whale activity which could have acted as a catalyst for other investors. Notably, the amount of $Eigen purchased from these two wallets as reported by Lookonchain is similar to what was lost in the security breach on Friday last week.

All said, the buying pressure seems to have subsided, as evidenced by the minor retracement in the last four hours. As such, the token’s price could come under correction, but the possibility of $Eigen hitting the $4.50 mark cannot be ruled out as long as it holds above the $3.80 price point.

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