Binance Announcement On EIGEN Sparks Investor Enthusiasm, But EIGEN Price Drops

Crypto exchange pioneer Binance has once again reverberated optimism for EigenLayer (EIGEN) across the broader market on Wednesday, expanding offerings for the token. Intriguingly, the exchange revealed that it is adding the crypto to loanable assets and VIP loans, sparking investor enthusiasm globally.

Cryptocurrency exchange Binance has expanded its offerings for EigenLayer (EIGEN) on Wednesday, adding the token to its loanable assets and VIP loans.

This move sparked optimism among investors, as the exchange's announcements typically drive market attention and can influence traders' decisions.

Binance integrates EigenLayer (EIGEN) into Loans (Flexible Rate) Starting today, EigenLayer (EIGEN) has been integrated into Binance’s ‘Loans (Flexible Rate)’ and ‘VIP loans,’ as announced by the leading crypto exchange on October 16.

This integration will allow users to borrow EIGEN tokens at a variable interest rate, which is adjusted periodically based on market conditions.

notably, high-volume users can access more favorable terms or larger borrowing limits through the exchange's VIP loans.

As a whole, Binance's announcement is expected to fuel optimism on the asset's future prospects, potentially attracting more investors to the digital asset.

It's also important to note that the exchange's previous initiatives to support the same project could inject additional bullishness into the crypto.

As reported by CoinGape Media, Binance recently adjusted the leverage and margin tiers for the abovementioned token.

Moreover, the exchange also rolled out trading bots services for EIGEN/TRY, as covered in another report.

These enhanced offerings highlight the leading exchange's support to the project, sparking optimism.

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Despite the above announcements, EigenLayer seems to be facing a bearish wave. EIGEN price today trades at $3.33, down nearly 6% in the past 24 hours.

The coin's weekly chart shows a 19% crash. This downturn aligns with a massive 11.22 million coins being added to the supply as part of token unlocks on October 15.

Furthermore, Coinglass data indicates a 7% drop in the coin's futures OI to $132.06 million. Even the derivatives volume dipped nearly 13% to $357.61 million.

This data further aligns with the coin's price fall, hinting at reduced investor interest in the asset. However, crypto market enthusiasts continue to watch the token for future price action shifts in light of the enhanced offerings.

It's interesting to note that Catizen's (CATI) listing on Binance led to a stunning rally as the exchange unveiled enhanced trade offerings.

CATI price is up over 400% to date post-debut on the exchange. This suggests that even EIGEN could rally ahead with enhanced offerings coming into play.

Additionally, a recent EIGEN price analysis by CoinGape also reveals that the token eyes a $5 target ahead in the wake of increased whale accumulations.

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