Justin Sun sold 5.374 million EIGEN tokens for $21.66 million USDT, swiftly capitalizing on the recent EigenLayer listing.
Sun transferred the tokens from HTX to Binance and sold them at an average price of $4.03 per token, securing significant profits.
His immediate sale after the EigenLayer listing highlights potential volatility, influencing other large token holders to consider similar moves.
Justin Sun, known for his strategic moves in the crypto world, has sold 5.374 million EIGEN tokens, netting $21.66 million in USDT. This sale took place shortly after EigenLayer (EIGEN) was listed on major centralized exchanges (CEXs). The EIGEN tokens were transferred from six addresses to HTX and then immediately to Binance for liquidation, with Sun securing an average price of $4.03 per token.
https://twitter.com/WuBlockchain/status/1841439308307366046
Capitalizing on CEX Listing
The sale was triggered by EigenLayer’s listing on major CEXs, which created excitement within the market. Sun acted swiftly, transferring the EIGEN tokens to Binance for immediate sale. The listing of EIGEN on centralized exchanges at 1 PM on October 1, 2024, opened the doors for large Ethereum (ETH) holders, including Sun, to capitalize on the opportunity. Sun wasted no time in taking advantage of the listing announcement to maximize his gains.
Swift Action by Justin Sun
Sun received the 5.374 million EIGEN tokens through an airdrop the night before the listing. By noon, with the transfers now possible, he moved his entire batch of tokens to HTX and subsequently to Binance. His fast-paced strategy ensured that he could capitalize on the $4.03 price per token, the OTC market rate at the time, leading to the liquidation of his entire EIGEN airdrop.
The immediate sale of his tokens resulted in a substantial withdrawal of $21.66 million USDT from Binance, demonstrating Sun’s quick action to secure his profits amid the listing excitement.
The significant sale came at a time when the listing of EigenLayer on multiple CEXs was attracting investor attention. Sun’s move to sell his tokens so quickly after the listing raises questions about the market’s short-term outlook. While the market was buzzing with the news of EIGEN’s availability, Sun’s actions could signal potential volatility for the token in the coming days.
Sun’s Strategy Highlights Volatility Risks
Sun’s actions could influence other major holders to follow his lead. As one of the largest individual holders of EIGEN, his decision to sell immediately following the listing could signal a more cautious approach from other investors. The timing of his sale suggests that he aimed to lock in profits before any possible fluctuations in EIGEN’s price.
