Justin Sun receives 3.62M EIGEN; Deposits in Binance at $3.89

Tron founder Justin Sun received yet another big chunk of EIGEN tokens—3.62 million, worth about $14.1 million. This comes after he already received an $8.75 million airdrop from EigenLayer.

Sun received these tokens as part of EigenLayer’s 9.93 million token unlock program. He quickly deposited them into Binance at a price of around $3.89. The $8.75 million Sun received through airdrop was also immediately moved to the HTX crypto exchange.

However, details about Sun’s involvement with the EigenLayer crypto project come amid scrutiny surrounding the DeFi project. EIGEN is located at the 83rd position among the global aggregation of cryptocurrencies.

At the time of writing, Eigenlayer’s market capitalization was about $763.5 million. This reflected an 11% surge. An analysis chart from TradingView shows that EIGEN’s price surged significantly after a massive decline in the previous few days. The crypto token has surged by 37% in the past four days, bouncing off a $3.036 low from last Sunday to reach $4.160 in the early hours of Wednesday. At the time of press, EIGEN traded for $4.063, following a slight retracement from the day’s high.

Sun’s involvement with EigenLayer has sparked speculation among many in the crypto community. Last week, a market observer named Karl claimed on X that 40% of staked EIGEN tokens came from 13 addresses. He noted that such a development could mislead the public into thinking that the tokens were in circulation, further instigating them to make uninformed investment decisions.

Read also: EigenLayer Token Unlock Hits Snag: Price Dips and Security Concerns

However, the observer highlighted investors’ minimal staking activities. He noted that all the addresses had initiated their unstaking process and would not receive any staking rewards. He further campaigned for transparency in EigenLayer’s token distribution and commended the team for promptly addressing the issues.