Justin Sun’s team dumped 5.37 million EIGEN tokens for $21.66 million USDT merely twenty-four hours after it was launched.

These tokens, which Sun received in an airdrop, were sold at an average price of $4.03 each, according to on-chain data.

This transaction happened immediately after the tokens were transferred to Binance from HTX, where they had initially been deposited following the airdrop.

Sun reportedly didn’t waste time. The EIGEN airdrop hit his wallet the night before and by noon the next day, his team had already moved the tokens.

EmberCN, a crypto researcher, originally shared these details in a tweet that has now been deleted. Meanwhile, HTX denies any link between the wallet involved and Justin Sun.

They also said that they don’t comment on the transactions of individual wallets.

EIGEN’s first day in the market

EIGEN’s entry into the crypto market yesterday made noise, starting with a trading price of $3.90. Within hours, it surged to a peak of $4.53.

But by the end of the day, the price had cooled down to $3.99, a modest gain of 7.4% from its launch price.

EIGEN achieved a market capitalization of $742 million at its peak, while its fully diluted valuation (FDV) hit $6.69 billion.

The token wasn’t short on exposure either. Top exchanges like Binance, Kraken, Bybit, OKX, and Uniswap v3 had EIGEN listed, offering plenty of liquidity.

Whale activity was hot. One whale bought 383,672 EIGEN tokens, shelling out $1.55 million at a price of $4.05 per token. Another scooped up 318,651 tokens for about $1.31 million at $4.10 a pop.

EIGEN is the native token of EigenLayer, a protocol that operates on the Ethereum blockchain.

It allows users to restake their already staked ETH or liquid staking derivatives, offering a way to provide security to decentralized applications (dApps) without the need to unstake assets.