• Whale deposits 8M EIGEN, locking in $596K profit after 4 days.

  • EIGEN drops 11.2% in 24 hours amid broader market pullback.

  • Whale still holds $13.5M in $EIGEN, with $712K in unrealized gains.

A notable cryptocurrency whale has recently made waves by depositing 8 million $EIGEN (valued at $10.1 million) to Binance, locking in a substantial profit. This strategic move followed just four days of holding the tokens, with a profit of $596,000 (or 6.34%) realized.

https://twitter.com/spotonchain/status/1922139663806161378

Despite the recent transaction, the whale still holds 10.9 million EIGEN, currently valued at $13.5 million. These remaining tokens hold $712,000 in unrealized gains. However, the market has been seeing broader pullbacks, with EIGEN down by 11.2% in the last 24 hours.

Whale's Move Sparks Interest in EIGEN

The whale's decision to sell part of their EIGEN holdings has drawn attention to the asset’s recent price volatility. With the token experiencing notable fluctuations, many are watching closely to see if the price trend continues.

When time is taken into consideration, the whale’s actions suggest a deliberate profit-taking move as a result of stating odds for the price in a short period. This is a move that suggests that the whale may be taking advantage of the bull momentum to run ahead of an overall market correction. Even with the 11.2% decrease of the EIGEN’s price over the past 24 hours, the whale’s profit is rather significant. The step is a continuation of the trend where whales use market shifts to generate profits in the face of larger market forces.

The wider market correction has put downward pressure on EIGEN’s value. Over the past 24 hours, the price of $EIGEN has fallen by 11.2%. This dip comes amid a broader market downturn affecting many cryptocurrencies. While the whale’s sale helped lock in profits, it also reflects the broader sentiment in the market as investors react to shifting conditions.

The broader market conditions have left many traders and investors concerned, particularly given the market's volatility. With many altcoins, including EIGEN, facing similar pressure, the outlook for short-term price action remains uncertain. Nonetheless, the whale’s movements may suggest confidence in short-term price swings and an understanding of market timing.

Unrealized Gains Show Continued Market Activity

Although the whale has already locked in a significant profit by sinking EIGEN worth $8 million, it still has significant unrealized gains. The remaining 10.9 million EIGEN tokens have a potential value of $13.5 million, while $712,000 is still on the table. This means that despite the current market contraction, the whale is investing massively in the asset.

The magnitude of the whale’s holdings and the proper timing of their sales are indicators of its impact on the market. Investors are watching these movements closely to get a sense of what the asset can become as a long-term hold, notwithstanding the swings in the short term.

The storage of $8 million in EIGEN by the whale stresses their strategic thinking in dealing with the vagaries of the market. Although the general market is being pushed downwards, the price movement profiting actions of the whale are a calculated means of taking advantage of favourable price movements.