Galaxy Digital, one of the top three market makers for EIGEN, withdrew approximately 2.43 million EIGEN tokens from Binance just five hours ago, during a sharp market downturn.
The withdrawal, valued at $8.96 million, may have influenced a short-term price rebound of 3.5%, bringing EIGEN to its current value of $3.635.
Despite the turbulence, data from iCrypto indicates that both whales and Smart DEX Traders (SDTs) are maintaining their positions. While whales have yet to reintroduce significant buy pressure, SDTs remain active, continuing their dollar-cost averaging (DCA) strategy. As the price retraces into the accumulation zone, SDTs collectively hold 1.03 million EIGEN tokens, worth over $5 million, with an average entry price of $3.70.
Adding to the market activity, Justin Sun, a prominent figure in the crypto industry, deposited 29,153 ETH (valued at $96.7 million) and 249,868 EIGEN (worth $884,000) into HTX 11 hours ago.
The market movements highlight a phase of cautious accumulation among strategic traders, suggesting confidence in the token’s long-term potential. Meanwhile, the sizable withdrawal by Galaxy Digital adds intrigue, potentially signaling a shift in the broader trading dynamics for EIGEN.
As the market steadies, all eyes are on whether whales will reengage with the “big green columns” of buy orders, or if SDTs will continue to dominate the accumulation phase. For now, EIGEN’s rebound and its retention in key portfolios suggest the asset remains a focal point in the crypto ecosystem.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.