Justin Sun has claimed all his EIGEN tokens from the EigenLayer liquid restaking protocol on Tuesday using five distinct addresses and transferred them to the HTX digital currency trading platform.
EIGEN serves as the native token for the EigenLayer ecosystem, a prominent restaking protocol built on the Ethereum blockchain. This event unfolds amid excitement surrounding the listing of the EIGEN token on several tier-one exchanges.
Justin Sun Transfers $21.5 Million in EIGEN Tokens to HTX
According to Spotonchain, the transaction details show that the Tron executive deposited all 5.24 million EIGEN tokens into HTX during the early hours of the Asian trading session. This transfer took place shortly after EIGEN was launched on major exchanges such as Binance, with WuBlockchain confirming the report.
“Justin Sun’s team has moved 5.37 million EIGEN to Huobi HTX across five different addresses, amounting to approximately $21.8 million. Given the current price of 4.06 USDT, the EIGEN FDV stands at about $6.8 billion,” Wu Blockchain reported.
Crypto analyst Ai on X speculated whether Justin Sun “is prepared to sell EIGEN,” noting that it remains uncertain if the receiving address is affiliated with the exchange. However, the expert pointed out that the controversial crypto executive could potentially realize a profit of around $22.19 million if he sells at the current price of $4.13.
Read more: What Is Liquid Staking in Crypto?
Sun allegedly received the largest airdrop of EigenLayer’s EIGEN tokens, totaling over $38.74 million from airdrops through the Ethereum Restaking track. This places him in a position to be the greatest beneficiary in this recent round of liquid restaking tokens (LRT), according to Ai’s findings, which also mention pending airdrop distributions from projects like Puffer, Zircult, Swell, and Kelp.
Notably, when prominent individuals transfer large token amounts to exchanges, it is often interpreted as a signal to sell. While Justin Sun appears to be considering selling his EIGEN tokens, two large investors are accumulating, acquiring 702,324 EIGEN tokens valued at $2.86 million early Tuesday morning.
Specifically, one investor spent 588 ETH or $1.55 million to purchase 383,672 EIGEN at an average price of $4.05. Another spent 1.31 million USDC to acquire 318,651 EIGEN at $4.1 per token. These transactions coincide with the impending EIGEN token unlock.
Eigen Foundation Announces Token Unlock
The Eigen Foundation, which facilitates the growth of the EigenLayer ecosystem, has announced the token unlock for Season 2. This follows the initiation of stake drop claims in mid-September, with the claim window open from October 1, 2024, to March 16, 2025, available on the Eigen Foundation’s website.
Justin Sun’s connection to EigenLayer is not new; his participation in the Season 1 airdrop in May stirred controversy. With this latest token unlock, users are free to transfer, trade, or stake their EIGEN tokens, fully utilizing the token’s functions.
EigenLayer also unveils a distinctive shared security model, where staked ETH acts as a security for protocols extending beyond Ethereum. The EIGEN token is integral in securing Actively Validated Services (AVSs), enhancing its utility further.
Read more: Ethereum Restaking: What Is It And How Does It Work?
This progression positions EigenLayer as a “verifiable cloud for crypto,” paving the way for opportunities in sidechains, Oracle networks, bridges, and beyond. As reported by BeInCrypto, the EIGEN token is currently priced at $4.15, marking a 3.47% increase since the opening of Tuesday’s trading session.
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