Smart altcoin trader boby1337.eth has made headlines by accumulating 8.16 million $EIGEN tokens, valued at $22 million. This acquisition occurred over the past three days. Interestingly, this investment comes despite a 15% drop in the price of $EIGEN, according to on-chain analytics provider Spot On Chain.
boby1337.eth Stakes $EIGEN Tokens on EigenLayer
In total, the trader bought four tokens to obtain these tokens. All the purchases were done through Binance – one of the largest cryptocurrency trading platforms. Finally, following the acquisition of the tokens, boby1337.eth staked the tokens to EigenLayer, a decentralized staking provider.
This action speaks volume of the long-term prospects of $EIGEN despite the current oscillating prices that are being witnessed in the market. The last withdrawal from EigenLayer was made only a few hours ago. This in essence implies that the trader is in a position to oversee his or her investment activities.
Altcoin Traders Anticipate Changes in $EIGEN Price Movement
Market analysts are keeping a keen eye. They are interested in the amount of accumulation during a period of a price drop. It creates awareness on the market feeling and future direction of $EIGEN price.
In conclusion, the reported by Spot On Chain, boby1337.eth’s actions are quite aggressive for the highly unpredictable cryptocurrency space. With more traders paying attention to such changes, the behavior of $EIGEN could change even more. As such, investors will be eager to know how this situation is likely to unfold in the coming days.
Source: https://blockchainreporter.net/altcoin-trader-accumulates-22m-in-eigen-despite-price-drop/