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EIGEN Token Reaches $5.23 as Justin Sun Invests $37.3 Million
In a remarkable turn of events, the EIGEN token has surged to a new all-time high of $5.23 after a series of significant investments by prominent market participant Justin Sun. The sudden and substantial price increase is believed to be directly linked to Sun’s recent investment strategy.
According to Spot On Chain, an analytics firm that tracks blockchain transactions, the Awesome Oscillator (AO) has been indicating a strong bullish trend in the short-term. As of December 16, 2024, the AO reading stands at 0.122, further reinforcing the notion that the current market trajectory is likely to persist.
Transaction data from Spot On Chain reveals some fascinating trends, with small transactions between $1-$10 experiencing a staggering 322.79% increase since October 1st. The same period saw significant growth in transactions within the higher value ranges of $100-$1,000 and $1,000-$10,000 by 120.25% and 193.63%, respectively.
Notably, however, high-value transactions above $10 million remain inactive, suggesting that large institutional investors have yet to participate heavily in the market. On the other hand, user engagement metrics demonstrate evolving patterns. Despite a 4.8% decrease in new addresses in December 2024, active addresses rose by an impressive 13.92%. The number of zero-balance addresses also increased by 37.60%, indicating that many users are opting to hold their positions rather than actively trading.
Justin Sun’s investment strategy has been remarkably consistent since September 2024. Over the past few months, he has accumulated an astonishing 9.378 million EIGEN tokens at an average price of $3.979. This accumulation effort amounts to a staggering $37.3 million in value, demonstrating his conviction in the project.
Historically, it’s been observed that EIGEN’s price has demonstrated resilience around the $4.69 level during recent market fluctuations. The token has managed to maintain stability above this threshold, further reinforcing its bullish trajectory. The current support level of $4.77 is critical for maintaining this momentum and preventing potential selling pressure.
The surge in transaction volumes across various value ranges suggests a broader, balanced growth across different market segments. From retail traders to medium-sized institutional investors, the increased participation provides a solid foundation for the token’s upward trajectory.
With Justin Sun’s continued support and significant investments, EIGEN seems poised to continue its upward momentum, further solidifying its position within the cryptocurrency space.
Source: blockonomi.com
