The post Binance Announcement May Trigger Another Reversal In EigenLayer (EIGEN) Price appeared on BitcoinEthereumNews.com.

Crypto exchange pioneer Binance has once again reverberated optimism for EigenLayer (EIGEN) across the broader market on Wednesday, expanding offerings for the token. Intriguingly, the exchange revealed that it is adding the crypto to loanable assets and VIP loans, sparking investor enthusiasm globally. Meanwhile, market watchers speculate whether the enhanced offering could propel a reversal in the coin’s price, given it traded down nearly 4% in tandem with the announcement. Binance Announcement On EIGEN Sparks Investor Enthusiasm As per an official Binance announcement dated October 16, EigenLayer has been integrated into the exchange’s ‘Loans (Flexible Rate) and VIP loans’ starting today. This announcement has set off optimistic waves, offering market participants enhanced exposure when dealing with the asset. Flexible rates allow users to borrow funds at a variable interest rate, adjustable periodically based on market conditions. VIP loans on the platform primarily cater to high-volume users, providing more favorable terms or larger borrowing limits. Altogether, the leading crypto exchange’s announcement fuels optimism on the asset’s future prospects as it magnetizes more investors to the digital asset. Simultaneously, it’s also worth noting that the exchange’s previous plans to bolster the same project have injected additional optimism into the crypto. CoinGape Media recently reported that Binance modified leverage and margin tiers for the abovementioned token. Simultaneously, another report revealed that the exchange introduced trading bots services for EIGEN/TRY. Overall, the enhanced offerings underscore the leading exchange’s support to the project, sparking optimism. EIGEN Price Drops However, despite the abovementined announcements, EigenLayer appears to be riding a bearish wave. EIGEN price today traded at $3.33, down nearly 6% in the past 24 hours. Moreover, the coin’s weekly chart shows a 19% crash. This slumping action aligns with a massive 11.22 million coins added to the supply as a part of token unlocks on…

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Filed under: News - @ October 16, 2024 8:23 am