On Monday, eigenlayer (EIGEN) debuted on major exchanges, peaking at $4.47 per token. However, by 1:30 p.m. ET on Oct. 1, the price had dropped 12%, settling at $3.90 per coin. By 2 p.m. ET, the price was trading at $4.30 per unit.
EIGEN Token Launches in Cryptocurrency Market
A new contender has entered the crypto world as Eigenlayer, a decentralized finance (defi) resting protocol, has lifted transfer restrictions on its token. Simply put, resting allows ethereum holders to re-use their staked ETH or liquid staking derivatives (LSDs) to enhance 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 had hit an all-time high (ATH) of $4.47. By 1:30 p.m. ET, it was trading at $3.90 per coin, with a market capitalization of around $730 million. That valuation puts EIGEN in 103rd place out of more than 10,000 existing crypto assets. With a circulating supply of 186,582,000 EIGEN, its fully diluted value is $6.57 billion.
Data shows 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, 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 about 1,378,799,406.09 tokens. As of 2 p.m. ET, EIGEN's value had risen to $4.30 per coin.
What do you think about EIGEN's market action on October 1? Please share your thoughts and opinions on this topic in the comments section below.
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