The long-awaited trading of Eigenlayer’s EIGEN token began today, following the lifting of transfer restrictions that have been in place since the token’s May launch. Major cryptocurrency exchanges including Binance, Kraken, Coinbase, ByBit and OKX have listed EIGEN, providing liquidity to holders of the token, many of whom received it via airdrops earlier this year.

In statement shared via X The Eigen Foundation highlighted the importance of this milestone: “We are excited to announce the unlocking of the EIGEN token, which is a massive step for the Eigenlayer ecosystem. This opens up modern opportunities for open innovation, shared security and participation across the network.

They added that unlocking enables developers to create Actively Verified Services (AVS) using EIGEN stacking, enhancing the security and functionality of the protocol. “Unlocking EIGEN marks the beginning of a broader commitment. It acts as a catalyst for economic expansion, governance and protocol development, driving growth and strengthening the decentralized ecosystem,” the Eigen Foundation added.

Buy or Sell Eigenlayer (EIGEN)?

On the first day of trading, the market mood was mixed. Lookonchain has seen significant whale buying, indicating robust interest from gigantic investors. One transaction involved the purchase of 383,672 EIGEN for $4.05, for a total of $1.55 million. Another address spent 1.31 million USDC to purchase 318,651 EIGEN at $4.10.

2 whales bought 702,324 $OWN($2.86 million) in the last 4 hours!

0x2dcd issued 588 $ETH($1.55 million) to purchase 383,672 units $OWN $4.05 each.https://t.co/QtcgQQJfSR

0xb112 spent 1.31 million $USDC buy 318 651 $OWN $4.1 each.https://t.co/qy5SoAuuru pic.twitter.com/Dzt65tYwJT

— Lookonchain (@lookonchain) October 1, 2024

Despite these purchases, not all activity was growth; Crypto major GCR was reported to have sold a significant amount of EIGEN shortly after unlocking, depositing over 250,000 EIGEN on Binance. “GCR (@GiganticRebirth) received an airdrop of 253,946 EIGEN ($1.06M) via 7 wallets and deposited the entire amount on Binance 40 minutes ago. #GCR“ Lookonchain reports.

Aylo cryptocurrency analyst offered comparison of EIGEN’s market performance compared to other tokens via X: “EIGEN launched at exactly the pre-market price of $7 billion FDV. Several coins with larger FDVs than EIGEN currently include OP ($8 billion), ONDO ($7.9 billion), UNI ($7.7 billion), FIL ($7.6 billion), BCH ($7.2 billion )” – he noted, suggesting that EigenLayer’s role in the Ethereum ecosystem may be crucial in its valuation.

“EigenLayer is the innovation on Ethereum this cycle and has had more reach than almost anything else in EVM last year. It really feels like conditions are similar to the conditions in which TIA launched. Does PA play the same way? No unlocks for a year…” Aylo noted.

Daan Crypto Trades, another outstanding analyst, he noticed on market dynamics: “EIGEN was launched today. I think many market participants will be watching the price action unfold to gauge overall market strength and sentiment. So far, the price has remained stable and even increased slightly, even though many airdrop participants are selling their tokens.”

He speculated on the potential for growth in EIGEN’s market valuation, pointing out that current conditions may be more favorable than in recent months. “If the market trend continues from here, I bet EIGEN could grow much higher than $7 billion FDV. Earlier this year, it was estimated that its launch would cost over $20 billion (in better market conditions). With that said, I don’t currently own one, but I would definitely be a $2-3 buyer and I think many would. So I’m not sure if it will arrive at all if not within the first few days of the airdrop sale,” Daan concluded.

At press time, EIGEN was trading at $4,127.

Featured image from Coinbase, chart from TradingView.com