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EIGEN Trading: First Week Overview

The first week of EIGEN trading has caught the attention of the crypto community due to its unique position as the only restaking protocol with its token.

EIGEN trading launched on Sept. 30, with an estimated initial market capitalization of $700 million. Below, we analyze the initial price movements, changes in total value locked (TVL), and trading activity on major exchanges.

Price Movements: A Volatile Start to EIGEN Trading

EIGEN trading started at $4 per token and quickly reached its all-time high (ATH) of $4.47 on Oct. 1. However, this momentum was short-lived, as the token began a steady decline over the following days. By Oct. 6, the price of EIGEN had dropped to its lowest recorded level of $3.06.

At the time of writing, EIGEN is trading at $3.26, indicating continued price fluctuations and a cautious investor approach.

EIGEN Trading: The First Week of Trading. Source: CoinGecko

TVL of EigenLayer Falls 11% in a Week

The EigenLayer protocol, which powers EIGEN, has attracted significant attention due to its dominant position in the restaking category. According to DeFiLlama, EigenLayer’s Total Value Locked currently stands at $10.76 billion, making it the largest protocol in its niche.

However, this represents an 11% decline in TVL over the past week, indicating a shift in sentiment or the repositioning of assets by investors. Despite this, EigenLayer remains the third-largest protocol overall by TVL, trailing behind Lido (LDO) and Aave (AAVE), which hold $23.8 billion and $11.9 billion in TVL, respectively.

Ranking of Restaking Protocols by TVL. Source: DeFiLlama

$172 Million Trading Volume on Binance

Binance, the largest centralized exchange (CEX) for EIGEN trading, has been a major player in facilitating liquidity for the token.

According to Binance’s data, EIGEN’s trading volume on the platform reached $172.5 million, accounting for 23.15% of its overall volume.

However, EIGEN has been outpaced by other tokens on Binance, such as Litecoin (LTC) and Tron (TRX), which saw $214.06 million and $182.61 million in trading volume, respectively. In terms of overall trading volume on Binance, EIGEN ranked 19th, indicating that while the token has garnered some interest, it is yet to achieve a top-tier position.

It can be assumed that EIGEN trading has not generated as much reaction in the crypto community as expected. Investors are also waiting for a period when volatility will pass and there will be more data for analytics.

EIGEN Trading on Binance. Source: Official Website of the Exchange
Jerry Rolon

After working for 7 years as a Internet Marketer, Jerry now aims to explore the journalistic side of Internet. With his impeccable knowledge in this domain, he churns out some of the best news articles from the internet niche. With respect to acedamics, Jerry earned a degree in business from California State University.

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