bullish

EigenLayer

DeFi

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The native token of the Ethereum-based restaking protocol, EigenLayer, regained upward momentum, closing the gap with its all-time high. 
EigenLayer (<a href="https://crypto.news/price/eigenlayer/" target="_blank">EIGEN</a>) is up 17% in the past 24 hours and is trading at $4.07 at the time of writing. Its market cap is hovering at $760 million with a daily trading volume of $475 million. The asset even touched an intraday high of $4.15 earlier today before some traders started to take profits. 
At this point, EIGEN is 10% far from its ATH of $4.58 on Oct. 1, the day of its <a href="https://crypto.news/eigen-token-unlock-goes-live-with-debut-of-more-than-6-5b-fdv/" target="_blank">launch</a>. 
According to data provided by IntoTheBlock, over 4.6 million EIGEN tokens entered <a href="https://crypto.news/what-is-a-cex-a-beginners-guide-to-centralized-crypto-exchanges/" target="_blank">centralized exchanges</a> on Oct. 8. This movement shows the potential readiness of traders to take short-term profits as the token’s price neared its ATH. 
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 <img decoding="async" width="1200" height="800" src="https://crypto.news/app/uploads/2024/10/ITB_eigen_netflows_undefined_2024-10-09T08_45_48.816Z.png" alt="4.6m EIGEN entered the exchanges, profit-taking could be on the way - 2" class="wp-image-14302449">
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 EIGEN price and exchange net flows – Oct. 9 | Source: <a href="https://app.intotheblock.com/coin/EIGEN/quick-view" target="_blank" rel="nofollow">IntoTheBlock</a>
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</figure> 
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Data shows that EigenLayer’s large holders’ net flow to exchange net flow ratio reached 9.18% on the same day. The indicator suggests that EIGEN whales have also started to accumulate the asset and drive the price upwards. 
Moreover, EIGEN recorded a total of $1.7 billion in whale transactions, worth at least $100,000, over the past week, per data from ITB. Whales have moved over 47 million EIGEN tokens, worth $177 million, in 277 unique transactions on Oct. 8 alone. 
According to <a href="https://defillama.com/protocol/eigenlayer#information" target="_blank" rel="nofollow">data</a> from DefiLlama, EigenLayer is currently the third-largest decentralized finance protocol with a total value locked of $10.7 billion. The restaking DeFi platform’s TVL surpassed the $20 billion mark in June and has been constantly declining since then. 
EIGEN’s 1H chart <a href="https://crypto.news/eigen-has-formed-a-bullish-pattern-but-two-risks-remain/" target="_blank">showed</a> a strong bullish pattern on Oct. 8, per a crypto.news report. It’s important to note that EIGEN’s token unlocks can bring the price down as the number of tokens in circulation increases. 
 Read more: <a rel="" href="https://crypto.news/moodeng-surges-over-40-in-24-hours/"> MOODENG surges over 40% in 24 hours </a>

4.6m EIGEN entered the exchanges, profit-taking could be on the way

crypto.news

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