Justin Sun Sends 5.24 Million EIGEN Tokens To The HTX Crypto Exchange

Justin Sun, the founder of TRON. (Photo; Doc. Coindoo)

JAKARTA - The founder of Tron (TRX), Justin Sun, recently reportedly received an airdrop worth more than 5.24 million EIGEN tokens from EigenLayer with a total value of around 8.75 million US dollars (Rp131.25 billion). This airdrop is part of EigenLayer's efforts to improve ETH security and utility that was staked through Ethereum-based liquid staking protocols. Information alone, staking is a token-locking process at a certain time to support the running of blockchain networks.

After receiving the token, Sun immediately transferred it to the HTX exchange. Suddenly this sparked speculation among the crypto community. He allegedly plans to sell the EGEN token.

The registration of EIGEN tokens in large exchanges such as Binance and Coinbase has significantly boosted the price of EIGEN. The value of EIGEN jumped nearly 15% to reach a high price of 4.53 US dollars (Rp67,950) shortly after the listing. This sparked further speculation over whether other big holders, such as Justin Sun, would soon release their tokens, which would certainly affect the dynamics of the EIGEN price in the market.

Reportedly Justin Sun moved theIGEN token to HTX as a step to increase the liquidity of the token on the exchange. With the additional tokens available for trading, this is expected to be able to attract more traders, as well as encourage greater trading volume. The reason is that the increase in the number of tokens on this exchange can have a positive impact on EIGEN trading activities.

Apart from Justin Sun, several other entities that also receive large airdrops from EigenLayer are Blockchain Capital and Galaxy Digital. Both have significant amounts of tokens, which have the potential to affect market prices, depending on their decision to sell or store the token.

On the other hand, the Eigen Foundation also announced the unlock of the EIGEN token for wider participation in their ecosystem, which is increasing public interest in these tokens.