$EIGEN is in the news as a dormant wallet that remained inactive for 2 years and made headlines in the crypto community after cashing out $9 million worth of $EIGEN tokens in 43 hours from Binance. This flow has caused people to look closely at the wallet activity, given that it has rarely been transacted beforehand for this kind of activity.
A 2-year-old dormant wallet withdrew 1.6M $EIGEN ($7.25M) from #Binance 20 minutes ago, bringing its 43-hour total to 2M $EIGEN ($9.03M) at ~$4.52.
Notably, before $EIGEN, this wallet had only withdrawn 8.89 $SSV from Binance in March 2023 (646 days ago).
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Massive Withdrawals in a Short Span
Within twenty minutes, the wallet sent out 1.6 million $EIGEN tokens, equal to $7.25M. This transaction was preceded by an earlier withdrawal of 399,998 $EIGEN tokens worth $1.8 million. In total, the wallet offset 2 million $EIGEN tokens on Binance, which, at the time of trading, cost $9.03 million.
Wallet Portfolio Overview
At the moment, the wallet contains $9M in $EIGEN tokens, which accounts for 3.033% of the total portfolio. In addition to this, it still holds $278,613 of $SSV tokens. This reactivation and significant withdrawal have made the wallet the center of attraction among on-chain analysts and keen market observers.
Previous Activity: Minimal SSV Transaction
Before this series of several transactions recently, there are few records in the history of this wallet. Last year, it had only withdrawn 8.89 $SSV from Binance; a figure barely noticeable as trading activity. As a result of this long break, the recent level of activity it has exhibited is particularly exciting as there was a sudden spike in wallet activity.
Market Implications for $EIGEN
The movement of such significant sums from cold storage usually raises questions about their purpose. While some market observers believe such developments may be reflected in market sell-offs, other investors regard such signals as signs of active accumulation or institutional activities. The latest $EIGEN activity coincided with the trading token price of approximately $4.52, leading to enhanced interest.
Community and Analyst Reactions
The analysts have started to react to this activity on social media, including the Spot On Chain. This wallet’s sudden activation has prompted discussions about whether this is market manipulation or some form of insider business model. The current activity of this wallet can be monitored on Spot On Chain’s platform.
This is a good reminder of how a large inactive wallet move can affect the market, which makes real-time tracking exceptionally valuable for traders and investors.
