Binance adds further support for EigenLayer (EIGEN).
The exchange adds the crypto to loanable assets today.
Despite EIGEN price on a downturn, market watchers stay optimistic over future actions in light of key market stats.
Crypto exchange pioneer Binance has once again reverberated optimism for EigenLayer (EIGEN) across the broader market on Wednesday, expanding offerings for the token. Intriguingly, the exchange revealed that it is adding the crypto to loanable assets and VIP loans, sparking investor enthusiasm globally. Meanwhile, market watchers speculate whether the enhanced offering could propel a reversal in the coinâs price, given it traded down nearly 4% in tandem with the announcement.
Binance Announcement On EIGEN Sparks Investor Enthusiasm
As per an official Binance announcement dated October 16, EigenLayer has been integrated into the exchangeâs âLoans (Flexible Rate) and VIP loansâ starting today. This announcement has set off optimistic waves, offering market participants enhanced exposure when dealing with the asset. Flexible rates allow users to borrow funds at a variable interest rate, adjustable periodically based on market conditions. VIP loans on the platform primarily cater to high-volume users, providing more favorable terms or larger borrowing limits.
Binance EigenLayer Announcement
Altogether, the leading crypto exchangeâs announcement fuels optimism on the assetâs future prospects as it magnetizes more investors to the digital asset. Simultaneously, itâs also worth noting that the exchangeâs previous plans to bolster the same project have injected additional optimism into the crypto.
CoinGape Media recently reported that Binance modified leverage and margin tiers for the abovementioned token. Simultaneously, another report revealed that the exchange introduced trading bots services for EIGEN/TRY. Overall, the enhanced offerings underscore the leading exchangeâs support to the project, sparking optimism.
EIGEN Price Drops
However, despite the abovementined announcements, EigenLayer appears to be riding a bearish wave. EIGEN price today traded at $3.33, down nearly 6% in the past 24 hours. Moreover, the coinâs weekly chart shows a 19% crash. This slumping action aligns with a massive 11.22 million coins added to the supply as a part of token unlocks on October 15.
Besides, Coinglass data showed a 7% drop in the coinâs futures OI to $132.06 million. Further, even the derivatives volume dipped nearly 13% to $357.61 million. This data further aligns with the coinâs price fall, hinting at reduced investor interest in the asset. Nevertheless, crypto market enthusiasts continue to eye the token for future price action shifts in light of the enhanced offerings.
Itâs worth mentioning that Catizen (CATI) listing on Binance resulted in a phenomenal rally as the exchange offered enhanced trade offerings. CATI price is up over 400% to date post-debut on the exchange. This hints that even EIGEN could rally ahead with enhanced offerings coming into play.
Additionally, a recent EIGEN price analysis by CoinGape also reveals that the token eyes a $5 target ahead in the wake of increased whale accumulations.