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The crypto market displays bearishness as Bitcoin plunges below $64,000, trading above $63,900 at press time.
With experts confident that the prevailing downsides to offer dip-buying opportunities before solid rallies in the much-anticipated “Uptober,” various topics have caught the crypto community’s attention today.
The re-staking protocol EigenLayer has alleviated transfer limitations on its native coin, making EIGEN a tradeable asset. XRP dipped 5% on its daily charts as Ripple flooded the market with 1 billion coins from escrow.
Meanwhile, the vital meme asset Moodeng experienced dramatic declines after its swift rise.
EigenLayer investors can freely trade EIGEN as restrictions end
The Ethereum-based platform has officially lifted transfer restrictions on EIGEN, allowing holders to trade and move their tokens freely.
3/ Key Highlights of the EIGEN unlock: → EIGEN can now be traded, transferred, or staked, offering greater flexibility. → Empowers developers and the community to create decentralized services that leverage staked assets, expanding the ecosystem’s potential. → Enhanced…
The cryptocurrency began trading at $3.90, with a $6.51 billion fully diluted valuation.
EIGEN hit a daily high of $4.5277 before sliding to its press time levels of $4.16.
It has a market capitalization of $776,352,565.
The altcoin eyes continued growth while awaiting listing in various leading exchanges, including MEXC and Binance, this week.
EigenLayer’s protocol allows individuals to stake Ethereum to validate services or secure 3rd-party platforms.
Ripple shakes XRP with 1 billion token release
The crypto firm has raised market concerns with its latest 1 billion XRP token unlock from escrow.
Whale Alert revealed that the massive release involved three separate transactions.
The asset movements included 500,000,000, 400,000,000, and 100,000,000 XRP tokens.
Source: XThe massive transactions significantly increased XRP’s circulating supply, catalyzing bearish pressure.
Magnified volumes of assets often lead to investor concerns due to the demand and supply principles. XRP reflected the uncertainty with a downward price move.
The remittance token plunged from $0.652 to $0.6117 on its 24-hour chart. XRP trades at $0.6271 at press time, with a 32% dip in daily trading volume underscoring downward tendencies.
Meanwhile, the prevailing declines emerged after a bullish ride, which saw XRP gaining 7% and 12% in the past week and month.
The token exhibits an optimistic bias, with its intraday highs and lows at $0.6524 and 0.611.
Meanwhile, Coinglass data shows Open Interest plunged 7% to $956 million, with trading volume down 50%.
These metrics confirm mixed sentiments among investors, possibly as they await the 7 October legal developments, which would likely determine XRP’s price performance in October.
Moodeng’s abrupt dip after a robust surge
MOODENG has attracted the attention of crypto enthusiasts with its swift rise to become a multimillion-dollar meme token.
It dominated trends due to its unique association with Khao Kheow Open Zoo’s viral Thai hippo.
MOODENG saw its market capitalization hit $322.7 million as of 28 September, only to dip to $33.47 million at press time.
That reflects a staggering 865% value dip.
Source: CoinmarketcapMOODENG’s performance reflects the high risks associated with hype-driven assets.
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