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EIGEN Token Surges 24% to Reach $5.23 as Justin Sun’s Investment Strategy Pays Off
The EIGEN token has seen a remarkable surge, rising by 24% to reach $5.23 as of December 16th, 2024. This significant price increase comes on the back of consistent investment from Justin Sun, who has been strategically accumulating the asset over several months.
As noted by Spot On Chain, recent transaction data reveals an impressive growth in market participation. Small transactions between $1-$10 have seen a staggering 322.79% increase, indicating a strong influx of retail traders into the market. The $100-$1,000 and $1,000-$10,000 categories have also experienced significant growth, with respective increases of 120.25% and 193.63%. While transactions above $10 million remain inactive, this could be an indication that large institutional investors are yet to fully enter the market.
The Awesome Oscillator’s reading of 0.122 continues to support the current bullish trend, suggesting a strong possibility of the uptrend persisting in the near term.
It is worth noting that Justin Sun has been diligently accumulating EIGEN tokens over several months, with a recent deposit of 196,380 tokens valued at approximately $964,000. This strategic approach has resulted in an impressive return on investment, as his initial deposits have now appreciated by over $37 million.
The current support level around $4.77 has proven crucial for maintaining price stability during recent market fluctuations. It is likely that this will continue to serve as a strong anchor for the asset’s value moving forward.
In conclusion, while short-term volatility may occur, the fundamental trends and Justin Sun’s ongoing investment strategy suggest a continued upward trajectory for the EIGEN token.
Source: blockonomi.com
