Crypto Whale Takes Major Hit on $EIGEN Trade: A Lesson for Investors

In a surprising turn of events, a famous crypto whale has gained significant attention from the community after experiencing a huge loss in the trade of $EIGEN coins. As per Lookonchain, a popular on-chain analytics provider, the whale has recently traded a big portion of the $EIGEN tokens at a substantial loss, irrespective of having made several smart investments. The analytics platform provided the details of this incident on its official social media account on X.

A smart whale with 3.37T $PEPE($31.44M) is selling $EIGEN at a loss!

On Oct 3 and 4, the whale spent 1,360 $ETH($3.24M) to buy 909K $EIGEN at $3.56.

Then sold 772K $EIGEN for 988.5 $ETH($2.39M) at $3.1.

The whale currently holds 139.8K $EIGEN($449K) and has lost $407K.… pic.twitter.com/5wdbCOmuOl
— Lookonchain (@lookonchain) October 6, 2024

Whale Goes Through a Huge Loss While Trading the $EIGEN Tokens

Lookonchain pointed out that the whale started accumulating the $EIGEN coins back on the 3^rd and 4^th of this month. In this respect, the whale reportedly spent up to 1,360 $ETH with a value of nearly $3.24M to buy 909,000 $EIGEN coins. The sale witnessed an average price of up to $3.56 for each token. Nonetheless, the market went in the opposite direction shortly after that to surprise the whale.

The Current $EIGEN Holdings of the Crypto Whale Account for Just 139,800 Coins

While keeping that in view, the whale reportedly planned to offload the $EIGEN holdings thereof to a great extent. Hence, in the next few days, the whale traded 772,000 $EIGEN tokens in return for 988.5 $ETH coins. These $ETH tokens had a value of almost $2.39M. This development paved the way for a cumulative loss of approximately $407,000. The whale presently retains a minor holding of just 139,800 $EIGEN tokens, accounting for $449,000.