crypto.news
The native token of the Ethereum-based restaking protocol, EigenLayer, regained upward momentum, closing the gap with its all-time high.
EigenLayer ($EIGEN) is up 17% in the past 24 hours and is trading at $4.07 at the time of writing. Its market cap is hovering at $760 million with a daily trading volume of $475 million. The asset even touched an intraday high of $4.15 earlier today before some traders started to take profits.
At this point, $EIGEN is 10% far from its $ATH of $4.58 on Oct. 1, the day of its launch.
According to data provided by IntoTheBlock, over 4.6 million $EIGEN tokens entered centralized exchanges on Oct. 8. This movement shows the potential readiness of traders to take short-term profits as the token’s price neared its $ATH.
$EIGEN entered the exchanges, profit-taking could be on the way - 1"> Data shows that EigenLayer’s large holders’ net flow to exchange net flow ratio reached 9.18% on the same day. The indicator suggests that $EIGEN whales have also started to accumulate the asset and drive the price upwards.
Moreover, $EIGEN recorded a total of $1.7 billion in whale transactions, worth at least $100,000, over the past week, per data from ITB. Whales have moved over 47 million $EIGEN tokens, worth $177 million, in 277 unique transactions on Oct. 8 alone.
According to data from DefiLlama, EigenLayer is currently the third-largest decentralized finance protocol with a total value locked of $10.7 billion. The restaking DeFi platform’s TVL surpassed the $20 billion mark in June and has been constantly declining since then.
$EIGEN’s 1H chart showed a strong bullish pattern on Oct. 8, per a crypto.news report. It’s important to note that $EIGEN’s token unlocks can bring the price down as the number of tokens in circulation increases.