Market
Justin Sun Gets $30 Million From EIGEN Token Airdrop
The Eigen Foundation, an independent non-profit, announced on May 10 that the Season 1 airdrop claims process for the restaking protocol EigenLayer has begun.
Community members uncovered that Justin Sun, the founder of the TRON network, received approximately 3.62 million EIGEN tokens through four addresses.
Justin Sun Gets $30 Million Worth of EIGEN
At current market rates of $8 per token on decentralized exchanges like Aevo, Sun’s EIGEN holdings are valued at around $30 million. The EIGEN token’s anticipated initial market capitalization is approximately $800 million, with a fully diluted valuation of $16 billion.
“Justin used his 665,000 $ETH (worth $1.9 billion) to stake in various platforms, including EigenLayer, Swell, Puffer, Lido, Etherfi,” data analyst Jonaso said.
Read more: How to Participate in an EigenLayer Airdrop: A Step-by-Step Guide
Meanwhile, the Foundation has allayed concerns about early dumping, as EIGEN is currently nontransferable. This prevents early claimers of the airdrop from selling.
The Foundation announced that they will make EIGEN transferable after the team implements new features, aiming for implementation by September 30. The claim process will close on September 7. Users who fail to claim by then cannot receive their tokens.
EigenLayer aims to allocate 15% of its total token supply of 1.6 billion to users. Following controversies surrounding the initial airdrop, a second phase of Season 2 airdrop is planned for mid-June. It will distribute 0.7% to eligible participants, including users of popular yield farming apps like Pendle, Kelp, and Equilibrium.
Despite these efforts, the project excluded many individuals from the airdrop, spanning over 30 countries, including China, the US, and Canada. Additionally, VPN users were banned from claiming the airdrop.
Read more: Ethereum Restaking: What Is It And How Does It Work?
EigenLayer is a platform that allows users to re-stake their Ethereum to secure third-party networks or actively validated services. According to DeFillama data, since its launch, the crypto community staked $15 billion worth of ETH on the platform.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Stellar (XLM) Price Climbs to Three-Year High
Stellar (XLM) price has surged more than 20% in the last 24 hours and is up an impressive 124.86% over the past seven days, reaching $0.30, its highest price since December 2021. This rapid ascent reflects strong bullish momentum, supported by key indicators like RSI, which remains in the overbought zone.
However, the relatively weak CMF suggests that the current trend may not yet have the strength to sustain further gains without renewed capital inflows. Whether XLM can push toward a $10 billion market cap or face a potential correction will depend on how well it holds key support levels in the days ahead.
XLM RSI Is In The Overbought Zone
Stellar RSI is 74.10, rising sharply from below 60 just a day ago. This increase signals strong bullish momentum, pushing XLM into the overbought zone, where RSI values above 70 indicate heightened buying activity.
While an RSI above 70 often suggests that a correction could be on the horizon, it also reflects strong market enthusiasm driving the current uptrend.
The RSI measures the speed and magnitude of price movements, with values above 70 signaling overbought conditions and below 30 indicating oversold levels. Historically, Stellar has experienced periods where its RSI remained above 70 for several days, during which the price continued to climb before eventually correcting.
This suggests that while caution is warranted, the current overbought conditions do not necessarily mean an immediate reversal, as the rally could still have room to grow before cooling off.
Stellar CMF Is Positive But Not That Strong Yet
XLM currently has a CMF of 0.06, recovering from -0.10 just one day ago. This shift into positive territory indicates an inflow of capital back into the asset, suggesting renewed buying pressure after recent selling activity.
However, the relatively low CMF value highlights that the inflow is not yet as strong as it was during earlier periods of significant bullish momentum.
The Chaikin Money Flow (CMF) measures the volume and direction of money flow, with positive values indicating capital inflows (bullish) and negative values reflecting outflows (bearish).
While XLM’s CMF turning positive is a good sign for its short-term trend, it remains far below the levels seen in mid-November when the CMF peaked at 0.40 and stayed above 0.10 for almost a week.
XLM Price Prediction: Can Stellar Reach The $10 Billion Market Cap Threshold?
If Stellar maintains its current uptrend, it could rise further to test a market cap of $10 billion. Achieving this milestone would require a 15.7% increase in XLM price, signaling continued strong bullish momentum and renewed investor interest.
However, as indicated by the relatively weak CMF, the current trend may lack the strength to sustain this upward trajectory.
If the trend reverses, XLM price could first test its strongest nearby support at $0.14. Should this level fail, Stellar price could drop further to $0.0994, representing a steep 67% correction from recent highs.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
3 altcoins that could go ballistic if Bitcoin (BTC) crosses $120,000 mark
Some altcoins are setting themselves up to profit from the positive wave as the crypto market prepares for Bitcoin’s possible breakout above the $120,000 mark. Rexas Finance (RXS), SUI, and Solana (SOL) are being hailed by some industry insiders as particularly outstanding performers and ready to go ballistic during the anticipated Bitcoin rally.
Rexas Finance (RXS): The future of real-world asset tokenization
Rexas Finance provides creative ideas for real-world asset (RWA) tokenization. By letting users tokenize real estate, artwork, and other highly valuable assets, Rexas Finance is changing the crypto scene. The initiative has enormous market potential since the real estate sector alone is valued at around $379.7 trillion.
Rexas Finance attracts retail and institutional investors by lowering transaction costs, improving liquidity, and raising transparency. Rexas Finance, in Stage 6 of its presale, has raised $9.5 million with 166 million tokens sold as of writing, indicating 81.74% completion. In this stage, the token price is $0.080; from its initial $0.03 price two months ago, this shows an impressive 166% increase.
It will list on three tier-1 exchanges at $0.20 post-presale, providing a wider global reach and more potential for gains. Rexas Finance recently received a Certik audit, which is a sign of security and trustworthiness in blockchain initiatives, improving investor confidence. Furthermore, its inclusion on CoinGecko and CoinMarketCap improves visibility and accessibility.
The ongoing $1 million giveaway, which offers 20 winners $50,000 in RXS apiece, has piqued investor interest. Based on projections for RXS, price appreciation seems to be strong as adoption rises. Some analysts believe Rexas Finance, with features such as AI integration, DeFi utilities, and yield optimization, could be poised to go ballistic if Bitcoin rallies above $120,000.
SUI: Consistently Hitting new all-time highs
Rising 105% in the past two weeks, SUI is among the top-performing altcoins in the current bull run. As of writing, SUI trades at $3.72, just below its all-time high of $3.94, which it attained last weekend.
Reflecting increased investor demand and confidence, its Open Interest (OI) has lately topped $826 million. The Chaikin Money Flow (CMF) indicator of the token indicates significant inflows, highlighting its positive trend. With a constant tendency to new all-time highs, SUI’s upward trajectory exactly matches market expectations of a possible surge. Driven by its excellent foundations and growing market visibility, SUI is expected to rise sharply if Bitcoin crosses $120,000.
Solana (SOL): Poised for a new all-time high?
Riding a surge of positive momentum, Solana broke past the $240 barrier twice in the current bull run. SOL trading at $246.89 as of writing has increased 59.9% over the past month. With analysts predicting a surge to $600 or more, its market capitalization of $115 billion ranks it among the top four leading cryptocurrencies, recently flipping Binance Coin.
Technical indicators supporting this optimistic view include a declining triangle breakout and a cup-and-handle pattern. Solana-based decentralized exchanges (DEXs), which account for 33.59% of DEX trade activity as of November, support its bullishness even more. So, Solana might see significant inflows if Bitcoin crosses the $120,000 mark, increasing its price to new highs.
Conclusion
Rexas Finance, SUI, and Solana could be ready to go ballistic if Bitcoin surges past $120,000. Each altcoin has unique qualities and solid foundations that guarantee a place of strength in the next positive market phase. Although SUI and Solana present interesting development chances, Rexas Finance distinguishes itself with its innovative RWA tokenizing, unparalleled presale expansion, and rich possibilities.
For more information about Rexas Finance (RXS) visit the links below:
Website: https://rexas.com
Win $1 Million Giveaway: https://bit.ly/Rexas1M
Whitepaper: https://rexas.com/rexas-whitepaper.pdf
Twitter/X: https://x.com/rexasfinance
Telegram: https://t.me/rexasfinance
Market
Cardano Whales Accumulation Hits $55 Million: $1 Target Soon?
On November 20, crypto whales offloaded significant amounts of Cardano (ADA), disrupting its bullish momentum. However, the narrative shifted today as the Cardano whales’ accumulation has taken center stage.
This renewed buying activity suggests that ADA’s price might regain its bullish momentum toward $1. But does the data support this bullish outlook?
Cardano Key Investors Change Their Stance
According to IntoTheBlock, Cardano’s large holders’ netflow has surged to 67.51 million ADA, signaling a significant shift in sentiment among crypto whales. The netflow represents the difference between the amount of ADA purchased and sold by large holders over a specific period.
When netflow increases, it indicates that whales are buying more than they are selling. Typically, this is a bullish signal. Conversely, a drop in netflow suggests more selling by whales, which is generally regarded as bearish.
In this case, the recent netflow increase, valued at approximately $55 million, aligns with ADA’s 11% price surge over the last 24 hours. Thus, this Cardano whales accumulation suggests that ADA may be poised for further gains, with the recent uptick serving as a potential foundation for a higher value.
Furthermore, the In/Out of Money Around Price (IOMAP) indicator provides further support for this bullish outlook. For context, the IOMAP analyzes token clusters based on three groups: holders who purchased below the current price (in the money), above the current price (out of the money), and those at breakeven.
This metric is essential for identifying potential support and resistance zones. Specifically, if there is a higher number of tokens “in the money, ” it signifies solid support, as many holders are at a profit and less likely to sell, potentially driving the price higher.
On the other hand, a higher “out of the money,” volume points to resistance, as holders might sell to recover losses, putting downward pressure on the price.
Currently, ADA’s IOMAP shows strong support levels outweighing resistance zones, reinforcing the potential for its price to climb further.
ADA Price Prediction: Move Toward $1 Almost Valid
On the daily chart, ADA’s price has risen above the key Exponential Moving Averages (EMAs). Specifically, the 20-day EMA (blue) and 50 EMA (yellow) are below Cardano’s price. When the price is above the indicator, the trend is bullish.
On the other hand, if the price is below the indicator, the trend is bearish. Therefore, it appears that, with the current trend, ADA could rise higher than $0.87. If this happens, the altcoin might rally toward the $1 mark.
However, if Cardano whales decide to sell and book profits, this prediction might not come to pass. Instead, the price could drop to $0.68.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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