The post Justin Sun Moves $21.8 Million In EIGEN Amid Token Unlock Buzz appeared on BitcoinEthereumNews.com.

Justin Sun claimed all his EIGEN tokens from the EigenLayer liquid restaking protocol on Tuesday via five different addresses and moved them to the HTX digital currency trading platform. EIGEN is the native token for the EigenLayer ecosystem, a leading restaking protocol on the Ethereum blockchain. This development comes amid hype over the EIGEN token listing on multiple tier-one exchanges. Justin Sun Transfers $21.5 Million in EIGEN Tokens to HTX Spotonchain reported the transaction, indicating that the Tron executive deposited all 5.24 million EIGEN tokens to HTX during the early hours of the Asian session. The transaction happened shortly after EIGEN debuted on major exchanges, including Binance. WuBlockchain corroborated the report. “Justin Sun’s team has transferred 5.37 million EIGEN to Huobi HTX through five addresses, worth about $21.8 million. Based on the current price of 4.06 USDT, the EIGEN FDV is about $6.8 billion,” Wu Blockchain reported. Crypto researcher Ai on X speculated on whether Justin Sun “is ready to ship EIGEN,” noting that it is currently unclear whether the receiving address belongs to the exchange. Nevertheless, the expert highlighted that the controversial crypto executive could make a profit of around $22.19 million if he cashed in at the current price of $4.13. Read more: What Is Liquid Staking in Crypto? Justin Sun Unstakes EIGEN. Source: X/Twitter Sun reportedly received the largest airdrop of EigenLayer’s EIGEN tokens, amassing over $38.74 million in airdrops through the Ethereum Restaking track. This positions him to become the biggest beneficiary in the latest round of liquid restaking tokens (LRT), as per Ai’s report, which noted pending airdrop settlements from protocols like Puffer, Zircult, Swell, and Kelp. Interestingly, when high-profile figures transfer significant token amounts to exchanges, it is often seen as a sign of intent to sell. While Justin Sun hints at selling his EIGEN…

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Filed under: News - @ October 1, 2024 1:25 pm