EIGEN Token Reaches $5.23 as Justin Sun Invests $37.3M

TLDR

• Justin Sun has invested $37.3M in EIGEN through strategic deposits since October 2024, with his most recent deposit being 196,380 EIGEN worth $964K into HTX on December 10th
• EIGEN’s price rose 11.69% in 24 hours to reach $5.23, with a current market cap of $1.08 billion and recent all-time high of $5.38
• Technical analysis shows a head and shoulders pattern suggesting potential growth to $7, though overbought conditions exist
• Transaction data shows strong retail investor activity with 322.79% growth in $1-$10 range transactions and increased institutional interest in $10k-$100k range
• Active addresses increased 13.92% while new addresses declined 4.8%, indicating growing engagement from existing users rather than new entrants

The cryptocurrency EIGEN has captured market attention following a series of strategic investments by prominent crypto figure Justin Sun, totaling $37.3 million since October 2024. The token’s latest performance shows an 11.69% price increase over 24 hours, reaching $5.23 at press time.

On December 10, 2024, Sun made his most recent move by depositing 196,380 EIGEN tokens, valued at $964,000, into the HTX exchange. This deposit is part of his larger investment strategy that began on October 1, 2024, when he started accumulating EIGEN at an average price of $3.979.

The market has responded positively to these developments, with EIGEN achieving an all-time high of $5.38 on December 12, 2024. The token’s market capitalization now stands at $1.08 billion, representing a 6.72% increase and underlining growing investor confidence.

Price movements over the past 24 hours have shown some volatility, with EIGEN trading between $4.69 and $5.23. Despite these fluctuations, technical analysis reveals a head and shoulders pattern that typically suggests continued upward momentum.

The pattern’s neckline sits near the $5 mark, with a strong support zone around $4.77 providing market stability. Should the price break above the current resistance level of $5.38, technical indicators suggest potential growth to $7, which would represent a 37.13% increase from current levels.

Technical indicators present a mixed picture of short-term prospects. The Stochastic Oscillator reading of 70.46 indicates overbought conditions, suggesting a possible pause or correction in the near term. However, the Awesome Oscillator’s reading of 0.122 supports the current bullish trend.

P.S. Justin Sun also deposited 196,380 $EIGEN ($964K) to #HTX an hour ago.

Since Oct 1, he has claimed and deposited 9.378M $EIGEN ($37.3M) to HTX at an average price of $3.979. pic.twitter.com/FTunht4BdK

— Spot On Chain (@spotonchain) December 16, 2024

Transaction data reveals interesting patterns in market participation. Small transactions in the $1-$10 range have seen a 322.79% increase, indicating strong retail trader engagement. The $100-$1,000 and $1,000-$10,000 transaction categories have also grown by 120.25% and 193.63% respectively.

Higher-value transactions between $10,000 and $100,000 have increased by 185.47%, suggesting growing interest from wealthy individuals and smaller institutional investors. However, transactions above $10 million remain inactive, indicating that large institutional players have yet to fully enter the market.

User engagement metrics show evolving patterns. While new addresses decreased by 4.8% in December 2024, active addresses increased by 13.92%, suggesting growing engagement from existing users rather than new market entrants.

The number of zero-balance addresses has risen by 37.60%, indicating that many users are holding their positions without active trading. This behavior often suggests investors are waiting for future price movements before making trading decisions.

EIGEN Price on CoinGecko

Looking back to September 2024, EIGEN experienced a price surge to approximately $6, which coincided with increases in both new and active addresses. This earlier surge demonstrated the token’s potential for price appreciation and its ability to attract user interest.

The recent market activity follows a period of price stabilization around the $5 level in early December 2024. This stabilization phase has been accompanied by the current uptick in active addresses and transaction volumes across multiple value ranges.

Justin Sun’s investment strategy has been methodical, with his accumulation of 9.378 million EIGEN tokens taking place over several months. His current holdings of 196,380 EIGEN have appreciated in value since his initial investments began.

The token’s price range has shown resilience, maintaining levels above $4.69 even during recent market fluctuations. The current support level around $4.77 has proven important for maintaining price stability during trading activity.

Recent transaction data indicates balanced growth across different market segments, from retail to medium-sized institutional traders. The increase in transaction volumes across multiple value ranges suggests broad-based market participation.