Justin Sun invests $37.3M in EIGEN and boosts market activity

Justin Sun has recently made a strategic move by depositing $37.3 million in EIGEN (CRYPTO:EIGEN), signaling his growing confidence in the cryptocurrency.

Over the last 24 hours, EIGEN saw an 11.69% price increase, reaching $5.23.

Despite fluctuations in price between $4.69 and $5.23, its market capitalisation grew by 6.72% to $1.08 billion.

EIGEN also reached an all-time high of $5.38 on December 12, 2024.

The cryptocurrency’s price chart shows a head and shoulders pattern, commonly seen as a sign of continued growth.

If EIGEN breaks through the resistance level at $5.38, the price could rise to $7, a 37.13% increase from its current level.

With solid support at $4.77, the market remains relatively stable.

Despite the recent price surge, the Stochastic Oscillator reading of 70.46 indicates that EIGEN is in overbought territory, suggesting that a price correction may occur.

However, the Awesome Oscillator, with a reading of 0.122, confirms a continued bullish sentiment, supporting the current upward trend.

EIGEN has seen rising user engagement, with new addresses increasing significantly after a price spike in September 2024.

Though new address growth slowed in December, active addresses rose by 13.92%, indicating that current users remain engaged.

Meanwhile, transaction activity has also risen, particularly in smaller ranges like $1-$10 and $1-$10k, reflecting broader interest from retail traders and institutional investors.

Justin Sun’s involvement has also played a role in EIGEN's market performance.

Since October 2024, he has accumulated 9.378 million EIGEN, worth $37.3 million, continuing his pattern of strategic investment.

His actions suggest that EIGEN may maintain its positive market momentum.

At the time of reporting, the price of Eigenlayer (EIGEN) was $5.42.