Justin Sun Sells 5.37 Million EIGEN Airdrop Tokens for $21.66M USDT

Justin Sun team cashed out 5.37 million EIGEN tokens from a recent airdrop, selling them for $21.66 million USDT within 24 hours of launch. The tokens were quickly moved from HTX to Binance for sale, though HTX denies any connection to Sun wallet. EIGEN launched at $3.90 and peaked at $4.53, closing its first day at $3.99 with a market cap of $742 million.

Justin Sun, founder of TRON and a prominent figure in the cryptocurrency space, made headlines again after his team offloaded 5.37 million EIGEN tokens for $21.66 million USDT just a day after receiving them in an airdrop. On-chain data revealed that the tokens were sold at an average price of $4.03, sparking considerable attention in the crypto community.

Airdrop to Sale: Swift Transactions

The sale was rapid. EIGEN tokens were transferred from HTX (formerly known as Huobi) to Binance shortly after landing in Sun’s wallet. Within hours, the tokens were sold, capitalizing on the initial price surge following EIGEN’s market debut. Despite the high-profile sale, HTX was quick to distance itself from the transaction, stating there was no connection between the wallet and Justin Sun, and they refrained from commenting on individual wallets’ activities.

EmberCN, a well-known crypto researcher, was the first to break the news in a now-deleted tweet, drawing attention to the large-scale selloff.

EIGEN’s Strong Market Debut

EIGEN, the native token of EigenLayer, entered the crypto market with significant fanfare. Its initial price of $3.90 quickly climbed to a high of $4.53 during its first trading day. By the end of the day, the token settled at $3.99, marking a 7.4% increase from its launch price. At its peak, EIGEN achieved a market cap of $742 million, with its fully diluted valuation (FDV) soaring to $6.69 billion.

Whale Activity in the EIGEN Market

The token’s first day saw substantial whale activity, with one whale purchasing 383,672 EIGEN tokens for $1.55 million at $4.05 per token, and another acquiring 318,651 tokens for $1.31 million at $4.10. EIGEN’s listing on top exchanges like Binance, Kraken, Bybit, OKX, and Uniswap v3 ensured ample liquidity for large trades.

The Role of EigenLayer

EIGEN is the native token of EigenLayer, a protocol built on the Ethereum blockchain. EigenLayer allows users to restake their staked ETH or liquid staking derivatives, providing additional security for decentralized applications (dApps) without the need to unstake their assets. This feature has drawn attention, making EigenLayer a promising player in the decentralized finance (DeFi) space.

As the market watches the aftermath of this significant sale by Justin Sun, questions arise about its potential impact on EIGEN’s price trajectory and the broader market.

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