One whale investor is offloading their EigenLayer (EIGEN) at a loss.
A famous investor who made a fortune by investing in Pepe (PEPE) has decided to sell their EIGEN tokens rather than hold them.
And the big question everyone’s asking is: where’s all that money heading next?
Whale Dumps EIGEN & Takes $470K Loss
According to blockchain tracker Lookonchain, the whale investor dropped 1,360 ETH (around $3.2 million) on 909,000 EIGEN tokens earlier this month.
They paid around $3.56 per token.
However, the whale has begun selling their holdings already.
So far, they’ve offloaded 772,000 EIGEN tokens, taking home 988.5 ETH ($2.3 million) at a lower price of $3.10 per token.
That amounts to a loss of around $407,000.
The whale is still holding onto nearly 140,000 EIGEN, worth around $449,000, but it seems like they’re ready to cut their losses.
This decision has generated a lot of attention.
After all, this is the same whale who turned $23 million into $65 million in just a year by trading PEPE, ONDO, and BEAM.
Selling EIGEN at a loss signals they might see little potential left in this token.
And with EIGEN still trading below its launch price, this whale might be onto something.
Why EigenLayer’s Restaking Protocol Has Got the Crypto World Talking
EigenLayer has been getting a lot of attention lately – and it’s easy to see why.
Think of it like this: imagine using the same dollar to buy coffee and secure a bank loan.
That’s basically what EigenLayer does for Ethereum stakers.
It lets people who’ve already staked their ETH use that same stake to secure other services and earn extra rewards on top.
This clever system is called “restaking,” and it’s got everyone talking.
But why is restaking so exciting?
One of the main reasons is that it helps solve a big problem in crypto – fragmented security.
By creating a shared security pool, EigenLayer’s setup helps make it easier (and cheaper) for new projects to get started.
And with over $10 billion already locked in, it’s clear many Web3 users are betting big on the project.
The native EIGEN token also already has a market cap of $740 million.
So, although some whales might be offloading, many smaller investors still see huge potential in this restaking protocol.
New Meme Coin Staking App Crypto All-Stars Catches Whale Attention
EigenLayer offers a new approach to Ethereum staking, so it’s no surprise that it has caught the attention of investors.
But while EigenLayer has its focus on restaking, some whales might be looking for something different for their next big play.
That’s where Crypto All-Stars (STARS) comes in.
Like EigenLayer, it’s all about staking, but with a twist that might appeal to those interested in the meme coin space.
Crypto All-Stars’ main feature is the MemeVault, which allows investors to stake popular meme coins like PEPE and SHIB.
In return, they’ll earn STARS – Crypto All-Stars’ native token.
Some investors are flocking to the project’s presale, believing it could disrupt the traditional meme coin model.
The presale has already raised over $2.1 million, offering STARS tokens for just $0.0014887 each.
However, that price will rise again in less than 24 hours.
So, those who invest early will receive a lower entry point.
Adding to Crypto All-Stars’ appeal, it’s already built up a huge following on Twitter and Telegram.
The team has also had STARS audited by Coinsult and SolidProof, who found no issues with the code.
And if that wasn’t enough, STARS has even been ranked fourth on CoinSniper.net.
So, for seasoned whale investors, Crypto All-Stars could be a tempting move.
It might take a completely different approach than EigenLayer, but it still addresses the same demand for new staking solutions.
Visit Crypto All-Stars Presale
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The post Some Pepe Whales Selling Eigen at a Loss, Could They Be Switching to New Tokens Like Crypto All-Stars? appeared first on CryptoPotato.
