A major $EIGEN dump as a crypto whale has made a costly exit from the market, depositing 2 million $EIGEN worth $3.18 million into Binance. The selling action represents a major financial setback for the trader because they purchased 2 million $EIGEN from Binance two months ago when each token cost $4.53 which equated to a portfolio value of $9.07 million.
A Painful $5.89 Million Loss
The recent $1.59 price of $EIGEN has led to a $5.89 million loss for the whale investor within a two-month period. Such swift price reduction demonstrates crypto market unpredictability that affects even sizeable investors who see substantial monetary damage.
An emergency sell-off action is indicated by blockchain records which show two consecutive deposits were made within minutes of each other. Market operators express concern about the whale investor’s current actions after the sharp price movement since they wonder if the investor seeks to reduce losses or plans a new market strategy.
Market Implications and Community Reactions
The fast sale of an extensive quantity of the token can possibly affect investor emotions which might drive additional market selling activity. Members of the wider crypto community monitor if this event signifies a complete departure for the whale from $EIGEN or if they plan to enter at a lower price level.
Investors have mixed opinions about the possible bearish impact of the selling activity yet they consider it a potential purchasing option when $EIGEN experiences stability. Current market volatility has increased to historic levels which causes traders to approach the next market movements with caution.
