EigenLayer’s native token, EIGEN, is a highly anticipated asset as it unlocked for trading on October 1, 2024. This token had been non-transferable since May but is now available on exchanges like Binance and Bitfinex. The early trading data shows strong upward momentum, with EIGEN-linked perpetual futures initially pricing the token around $4 per token.
The token has a circulating supply of about 200 million, and its fully diluted valuation could exceed $6.7 billion based on current pricing. EigenLayer has gained attention due to its unique restaking mechanism, where users can deposit tokens to secure networks, with payouts happening in both Ether and EIGEN tokens. This mechanism is likely to fuel continued growth, making it a project to watch closely in October
For October, as trading stabilizes, we could see increased volatility with a bullish sentiment driven by its large TVL and utility within the staking ecosystem. Keep an eye on its price fluctuations and further developments.
