While $EIGEN may currently be experiencing low market sentiment, several promising indicators suggest the project has long-term potential.
Despite the sluggish market, the network has continued to onboard new operators throughout the year. The number of active operators has steadily grown to 146, signaling sustained belief in the projectâs future.
Is Mindshare Always a True Reflection of a Project's Sentiment?$EIGEN might be experiencing low sentiment at the moment, but there are some promising indicators beneath the surface.
Despite market sentiment, the project has consistently onboarded new operators throughout the⌠https://t.co/d7vFB0cw51 pic.twitter.com/c4Rhtk787P
â Mars_DeFi (@Mars_DeFi) October 7, 2024
Additionally, $EIGENâs Total Value Locked (TVL) has remained stable, indicating that participants are committed to the project for the long haul. Even though the broader market remains stagnant, $EIGENâs token price has shown resilience. Currently sitting at $3.37, it is still well above its lowest point of $3.05.
On the token unlock site, it seems like #Eigen is an cliff unlock within 7 days. According to the drop tabs website, there are 359 days until the unlock. $Eigen We need to be careful. I think the token unlock site is faulty. What do you think about this? pic.twitter.com/jCTBA50uVH
â AKIN C (@akincnr) October 6, 2024
These solid fundamentals suggest that $EIGEN is positioning itself for future growth, even as short-term sentiment wanes. With ongoing operator growth and stable TVL, some market watchers believe a $20 price per token is a possibility down the line.
However, not all investors have fared well. A smart whale holding 3.37 trillion $PEPE ($31.44M) recently took a significant loss trading $EIGEN.
On October 3 and 4, the whale spent 1,360 ETH ($3.24M) to purchase 909,000 $EIGEN tokens at $3.56.
The whale then sold 772,000 of those tokens for 988.5 ETH ($2.39M) at $3.10, incurring a loss of $407,000. The whale still holds 139,800 $EIGEN, valued at $449,000.
A smart whale with 3.37T $PEPE($31.44M) is selling $EIGEN at a loss!
On Oct 3 and 4, the whale spent 1,360 $ETH($3.24M) to buy 909K $EIGEN at $3.56.
Then sold 772K $EIGEN for 988.5 $ETH($2.39M) at $3.1.
The whale currently holds 139.8K $EIGEN($449K) and has lost $407K.⌠pic.twitter.com/5wdbCOmuOl
â Lookonchain (@lookonchain) October 6, 2024
$EIGEN Token Unlock Event
Interestingly, thereâs also an upcoming cliff unlock for $EIGEN within the next seven days, with 359 days remaining until the unlock event. As the project continues to build and weather market challenges, investors are watching closely to see if $EIGEN can capitalize on its strong fundamentals for future growth.
On the token unlock site, it seems like #Eigen is an cliff unlock within 7 days. According to the drop tabs website, there are 359 days until the unlock. $Eigen We need to be careful. I think the token unlock site is faulty. What do you think about this? pic.twitter.com/jCTBA50uVH
â AKIN C (@akincnr) October 6, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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The post $EIGEN Shows Resilience Amid Low Sentiment, With Signs Of Future Growth appeared first on The Merkle News.
