A crypto whale recently made a significant move by transferring $8 million worth of EIGEN tokens to Binance only four days after acquisition, realizing a profit of $596,000.
Large EIGEN Transfer to Binance
The crypto whale deposited 8 million EIGEN tokens, worth about $10.1 million, to Binance just four days after purchasing them. The transaction was flagged by on-chain tracking platform Spot On Chain, indicating that the investor likely secured a tidy profit of $596,000, representing a 6.34% gain in less than a week.
Still Holds Significant EIGEN
Despite offloading a significant portion of their holdings, the whale has not fully exited the position. They still hold 10.9 million EIGEN, valued at around $13.5 million, with an estimated $712,000 in unrealized gains. This suggests continued confidence in the token or possibly a strategy to stagger exits for maximum profit.
EIGEN Price Drop in Market Volatility
Interestingly, the EIGEN token has fallen 11.2% in the past 24 hours, aligning with a broader crypto market pullback. Some analysts believe the whale’s sell-off may have contributed to this decline, while others point to wider market weakness as the main driver.
The whale's swift action and noteworthy profit serve as a reminder of the strategic plays that can influence token trajectories, especially in volatile market conditions.
