On Monday, eigenlayer (EIGEN) made its debut on major exchanges, hitting a peak of $4.47 per token. However, by 1:30 p.m. EDT on Oct. 1, the price had dipped 12%, settling at $3.90 per coin. By 2 p.m. it was exchanging hands for $4.30 per unit.
EIGEN Token Enters the Crypto Scene, Sees Early Gains and 12% Price Drop
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EIGEN Token Hits Crypto Market
A new contender has stepped into the cryptosphere as Eigenlayer, a decentralized finance ( defi) restaking protocol, lifted transfer restrictions on its token. Simply put, restaking allows ethereum holders to reuse their staked ETH or liquid staking derivatives (LSDs) to bolster the security of other decentralized applications ( dapps). The native token powering this system is eigenlayer (EIGEN).
When EIGEN first hit the market, it debuted at $4.10 per token, and by 7 a.m. Tuesday, it reached an all-time high (ATH) of $4.47. By 1:30 p.m. EDT, it was trading at $3.90 per coin, with a market cap of roughly $730 million. This valuation places EIGEN at the 103rd spot out of the 10,000+ crypto assets available today. With a circulating supply of 186,582,000 EIGEN, its fully diluted value stands at $6.57 billion.
Data reveals that 214,454 unique addresses hold EIGEN, with 1,072,67 transfers recorded since the restrictions were lifted. The top EIGEN wallet, owned by Coinbase Prime Custody, controls 27.6207% of the total supply. The second-largest address, a Gnosis Safe Proxy, holds 12.6570%. The third-largest wallet, an Eigenlayer address, holds 5.8450%. Currently, the top 100 holders collectively control 82% of EIGEN’s supply, or approximately 1,378,799,406.09 tokens. By 2 p.m. EDT, EIGEN increased in value to $4.30 per coin.
What do you think about EIGEN’s market action on October 1? Share your thoughts and opinions about this subject in the comments section below.
