The short liquidation of $EIGEN at $3.55582 with a value of $4.0632K indicates that short positions were forced to close when the price reached $3.55582
This typically occurs when the price moves against the short sellers, reaching their liquidation threshold and their collateral is used to cover the losses
This type of activity can cause additional buying pressure potentially driving the price higher
Monitoring these levels can provide insights into market momentum and potential price movements