Whale activity usually signals upcoming developments.
Recent activity from an unknown whale (major crypto investor) has caught the eye of many within the crypto community. This follows after the said whale withdrew a whopping $9.06 million worth of EIGEN tokens EIGEN $0.91 24h volatility: 4.8% Market cap: $238.92 M Vol. 24h: $32.04 M from the world’s biggest crypto exchange Binance. These withdrawals reportedly took place over the course of the past two days.
Notably, it was blockchain analytics firm Lookonchain that first noticed the large-scale transfers. The platform then shared the same via an X post, where it identified the wallet address behind the transactions as beginning with “0x9BF”.
According to the post, which was backed up by the picture above, the whale took out 2 million EIGEN tokens. This move has raised questions about the immediate plans of the unknown whale.
The Growing Influence of Whales in Crypto Markets
It might be worth noting that the impact of crypto whales, particularly on market trends, can not be overlooked. These crops of investors, who hold substantial amounts of digital assets, are known to sway the markets. This is because, most times, their activity usually signals upcoming developments. In addition to that, their large transactions also usually affect token prices.
Whatever the case may be, this withdrawal of 2 million EIGEN tokens is, without a doubt, a big deal.
For some, it could be a move that shows that the level of confidence that the investor has in EIGEN’s potential is very high at the moment. Also, it may just be a step that prepares the wallet owner for a larger strategy outside Binance’s ecosystem.
If it is a move that is based on bullish sentiment, then the whale might be planning to stake or hold the tokens for the long term. On the other hand, the recent transactions may also just be part of the wallet’s preparation to trade the tokens on a different platform.
Either way, one thing is guaranteed: that liquidity (big or small) on Binance will be impacted by this move.
Meanwhile, as of this publication, EIGEN was up 0.94% in the past 24 hours and was seen trading at $4.50. For now, the whale’s identity remains unknown. However, the market will continue to observe the situation to see what next steps it will take.
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