A prominent cryptocurrency investor, known only as a ‘whale’, suffered significant losses after trading EIGEN tokens. They lost an estimated $5.89 million on this transaction. The price of EIGEN (IGEN) experienced notable fluctuations following the trade, impacting market sentiment and raising concerns about volatility in the crypto market.
In December 2024, the whale sold roughly 2 million EIGEN tokens on Binance for approximately $9.07 million. Within the subsequent two months, this value dramatically decreased to just $3.18 million upon a redeposit made in February 2025. This significant financial setback highlights the volatility inherent in cryptocurrency trading.
Binance saw increased trading volumes following this event, driven by price fluctuations that influenced investor confidence and speculation. The loss underscores potential risks associated with high-frequency trading in volatile markets. Additionally, this incident sheds light on how whale activity can significantly impact smaller cryptocurrencies and the choices of individual traders.