Whale Deposits 8 Million EIGEN to Binance, Eyeing $596K Profit Amid Market Pullback

On May 13th, data from Spot On Chain reveals a significant transaction in the cryptocurrency market, as a prominent whale has transferred 8 million EIGEN to Binance, a move valued at approximately 10.1 million USD. This transaction suggests a strategic profit-taking, potentially securing a profit of 596,000 USD or 6.34% shortly after acquiring the assets. Despite the recent market downturn, where EIGEN has seen a decline of 11.2% over the past 24 hours, the whale maintains a considerable position, still holding 10.9 million EIGEN, estimated at 13.5 million USD. This equates to an unrealized profit of 712,000 USD, underscoring the whale’s confidence amidst fluctuating market conditions. Investors would do well to monitor these developments closely as they may influence market sentiment moving forward.