Sun Yuchen's deposit of $37.3 million into EIGEN indicates his confidence in its future.
In the past 24 hours, EIGEN's price increased by 11.69%.
EIGEN's recent market activity is impressive, with its price rising by 11.69% in the past 24 hours to reach $5.23. During this period, the cryptocurrency fluctuated between a low of $4.69 and a high of $5.23, reflecting a certain level of price volatility.
However, despite these fluctuations, as of the time of writing, EIGEN's market capitalization remains at $1.08 billion—up 6.72%, enhancing its appeal to investors. In fact, just four days ago, on December 12, 2024, this cryptocurrency reached an all-time high of $5.38.
The head-and-shoulders pattern suggests that EIGEN has the potential for sustained growth.
On the price chart, EIGEN clearly presents a head-and-shoulders pattern, which typically indicates the continuation of an upward trend.
The neckline of this pattern appears to be close to the $5 mark, and if the price breaks through the resistance level around $5.38, it could rise to $7—an increase of 37.13% from the current level.
Additionally, there is a solid support zone near the $4.77 neckline, providing a certain level of stability to the market.
The stochastic oscillator reading of 70.46 indicates that EIGEN is in the overbought zone. Therefore, a pause or correction may occur soon.
Nevertheless, despite this, the reading of the momentum oscillator (Awesome Oscillator) at 0.122 supports the prevailing bullish sentiment, indicating positive momentum.
As investor participation continues to rise, can EIGEN maintain its momentum?
Around September 2024, the price surged to about $6, resulting in a spike in the number of new and active addresses, indicating increased user engagement. However, in December 2024, as EIGEN's price stabilized around $5, the number of new addresses saw a slight decline, dropping by more than 4.8%.
However, shortly thereafter, active addresses increased by 13.92%—indicating a continuous rise in engagement among existing users.
Meanwhile, zero-balance addresses increased by 37.60%, indicating that many users are holding positions without actively trading, possibly waiting for further price movements.
The trading activity over the past 30 days also reflects increasing interest across different market segments. Small trades in the $0-1 and $1-10 categories saw significant growth, with trades in the $1-10 category increasing by 322.79%.
This surge may have been driven by retail traders reacting to EIGEN's price action. Larger trades in the $100-1,000 and $1,000-10,000 ranges also saw substantial growth, increasing by 120.25% and 193.63%, respectively.
Notably, the trading category of $10,000 to $100,000 grew by 185.47%, highlighting the confidence of high-net-worth individuals and institutional participants.
Conversely, larger trades exceeding $10 million remain inactive, indicating that institutional investors have not fully engaged in large trades.
This can be interpreted as a sign of growing participation from both retail and institutional investors.
Sun Yuchen's strategic moves demonstrate confidence.
On December 10, 2024, Sun deposited 196,380 EIGEN (worth $964,000) into HTX.
This move is part of a larger strategy, as starting from October 1, 2024, Sun Yuchen has received and deposited 9.378 million EIGEN, worth $37.3 million, at an average price of $3.979.
As of December 2024, Sun Yuchen holds 196,380 EIGEN, which has appreciated in value. His actions suggest a strategic move within the cryptocurrency market, and his continued accumulation of EIGEN may influence future market sentiment.
