Will EigenLayer (EIGEN) Price Crash As Largest Holder Justin Sun Dumps Tokens?

EigenLayer native token EIGEN price jumps nearly 15% on debut, making a high of $4.53. Crypto exchanges Binance and Coinbase are expanding support for the token, but the largest holder Justin Sun has started dumping tokens he received in airdrops. Will this trigger a crash in EIGEN price?

Binance & Coinbase Adds EigenLayer (EIGEN) to Products

Ethereum liquid staking platform EigenLayer makes a spectacular debut on October 1, with the EIGEN price rising almost 15%. Crypto exchange Binance, Coinbase, and other crypto firms such as ether.fi expands support for the EIGEN token.

Binance has announced adding EIGEN on several products including Earn, Buy Crypto, Convert, Margin & Futures. The exchange has already added the token as a new borrowable asset on Cross and Isolated Margin, alongside listing EIGEN/USDT and EIGEN/FDUSD pairs.

The exchange will also launch the USD-M EIGEN perpetual contract with up to 75x leverage, with USDT as the settlement asset.

Meanwhile, Coinbase has begun to transition the EIGEN-PERP pre-launch market into a standard perpetual futures market. The conversion process is expected to take 4 hours to fully complete. It will be available for users before the US morning time.

In addition, liquid restaking platform ether.fi has launched eEIGEN to enable users to stake their EIGEN on the platform and earn yields.

🔥 Introducing, eEIGEN which allows you to restake your $EIGEN on https://t.co/gbHcksxzp2!

✅ Restaked EIGEN earns restaking yield and additional restaking rewards, paid out in LRT^2. eEIGEN also earns https://t.co/gbHcksxzp2 and @veda_labs points.

Stake your EIGEN at… pic.twitter.com/NNAepj4goq

— ether.fi (@ether_fi) October 1, 2024

Justin Sun Dumping Tokens

Tron founder Justin Sun has received over $38.74 million in EigenLayer airdrops in the Ethereum ReStaking track. Also, there are still Puffer, Zircult, Swell, Kelp to be settled, which may make him the biggest winner in this round of LRT narrative.

Spot On Chain reported that Justin Sun has already dumped all 5.24 million tokens to HTX. He made a profit of $21.5 million as the token got listed on a premium. This risks a fall in EIGEN price as whales are likely to join the selloff soon.

EIGEN price jumped 15% in the past 24 hours, with the price currently trading at $4.21. The 24-hour low and high are $3.52 and $4.53, respectively.

Meanwhile, Coinglass data indicates the total EigenLayer futures open interest has jumped 18% in a few hours, valued at $37.96 million.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.