EigenLayer announced its Eigenlayer (EIGEN) airdrop on Oct. 1.
The EIGEN token immediately cracked the top 100 cryptocurrencies.
What will the EIGEN price be in the following months?
EigenLayer is an innovative protocol that allows Ethereum validators to retake their ETH. The protocol was announced on March 22, 2023, and the native token Eigenlayer (EIGEN) finally went live on Oct. 1, 2024.
Shortly after its launch, EIGEN cracked the top 100 biggest cryptocurrencies ranked by their market capitalization. With that in mind, let’s analyze the EIGEN airdrop and the price movement and see where it might head next.
EigenLayer functions like a cloud platform, helping developers build decentralized networks by leveraging Ethereum’s trust. It will also enable the safe allocation of staked assets for use in other services.
As per the announcement, developers can build Actively Validated Services (AVS) that leverage EIGEN staking.
Operators run various functions, such as oracles, on AVSs without needing decentralized nodes. This is done by leveraging EigenLayer’s restaked capital, currently over $12 billion.
While its success is likely tied to the growth of its ecosystem, it already has a vibrant AVS ecosystem with several protocols launched and a healthy restaking economy.
EIGEN Price Above $3.75
Several centralized exchanges have already listed EIGEN, including Binance. Since there are less than two hours of price history, making an accurate price prediction for the future EIGEN movement is nearly impossible.
In any case, the EIGEN price increased initially, reaching a high of $4.58, but then fell. The decrease is a completed five-wave downward movement, which took the shape of a wedge.
Then, it broke out from the wedge but is back at its pre-breakout levels.
Fibonacci levels can help determine the next areas of interest. In case of a breakout, the 0.618 Fibonacci retracement level can provide resistance at $4.40, while the 1.61 extension of the previous movement at $3.75 can provide support if EIGEN breaks down.
Future Looks Bright
The Eigenlayer airdrop has been followed with much fanfare. It immediately cracked the top 100 biggest cryptocurrencies bodes well for the future trend. While the EIGEN price trend cannot be confidently determined because of the lack of data, EigenLayer already has a thriving ecosystem that could positively affect the EIGEN price.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
