Eigenlayer's EIGEN token began trading today after transfer restrictions were lifted. Major exchanges like Binance, Kraken, Coinbase, ByBit, and OKX have listed EIGEN, providing liquidity for holders, many of whom received tokens through airdrops earlier this year.
The Eigen Foundation called the token unlock a major milestone for the ecosystem, enabling new possibilities for innovation and security. Developers can now build Actively Validated Services (AVSs) using EIGEN staking, enhancing protocol security and functionality.
Market sentiment was mixed. While whale investors showed strong interest with significant purchases, notable whale GCR sold a considerable amount of EIGEN shortly after the unlock. This led to some uncertainty in market sentiment.
Analyst Aylo compared EIGEN's market performance to other tokens, noting its role in Ethereum’s ecosystem could be pivotal. Another analyst, Daan Crypto Trades, noted that many are watching the price action to gauge market strength. Despite a lot of airdrop participants selling, the price held up and even increased slightly.
Future market conditions could affect EIGEN's valuation, and some analysts speculate potential rises given better market environments. At press time, EIGEN traded at $4.127.
