Whale Sells $457K Worth of EIGEN Amidst Major Losses After Price Decline

A well-known address has moved in the cryptocurrency markets. Whale 0xce0 sold $7.81 million worth of Solana ($SOL) into the Kraken exchange.

The latest transaction consists of 54,113 EIGEN tokens and is part of a larger move in which Whale 0xce0 has been managing and expanding its crypto portfolio. Reports from OnchainLens say that what weve seen so far this week is not just a single transaction but part of a larger episode in which Whale 0xce0 has been putting together a portfolio of all sorts of crypto assets.

The deposit into Kraken that the whale made is just one of many moves that have solidified its position in the market. To date, the whale has transferred a massive 1,573,313 $SOL, worth around $293.26 million, in 2025 alone. The whale now holds 3,232,101 tokens of $SOL, giving it an impressive valuation of $469.1 million.

A whale has been selling $EIGEN at a loss of $2M (-69%) over the past 2 days!
From Oct 8 to 18, 2024, whale 0xce0 spent 1,198 $ETH (~$2.9M) to buy 772,450 $EIGEN at an avg. price of $3.76.
After a 68% drop in price over the last 5.5 months, the whale unstaked and sold 780,132 pic.twitter.com/a5gxdtg5Df
Spot On Chain (@spotonchain) March 26, 2025

A Dive into Whale 0xce0s EIGEN Journey

EIGEN began its journey with Whale on October 8, 2024, when Whale invested heavily in the token. Between October 8 and 18, Whale 0xce0 spent 1,198 ETH, worth around $2.9 million at the time, to purchase a substantial amount of 772,450 EIGEN tokens. The tokens were acquired at an average price of $3.76 each, and Whale 0xce0 immediately staked these tokens, presumably to earn rewards via EIGENs staking mechanism. This was a long-term investment play, seen as a move that would pay off if and when the EIGEN token grew in value. The staking rewards, if any, would simply sweeten the deal.

When Whale 0xce0 purchased EIGEN, its price appeared to hold great promise in what seemed at the time to be an emerging bullish market. Subsequent events demonstrated, however, that the conditions were anything but bullish. EIGENs price plunged over the next few monthsas did the prices of many, many other cryptocurrencieswhile Whale 0xce0s purchase couldnt have been looking much worse.

The Price Crash and Unstaking

Present day, and the value of EIGEN has taken a massive hit. Over the last 5.5 months, the price of EIGEN plummeted by 69%, which undoubtedly shook the confidence of investors, particularly those with large holdings like Whale 0xce0. As the tokens value continued to slide, Whale decided to unstake and sell a significant portion of their EIGEN holdings.

In the past day, Whale 0xce0 divested 780,132 EIGEN tokens, valued at roughly $919,000, at an average price of $1.178 per token. The transaction was split between 9.196 WBTC and 53.423 ETH. Whale 0xce0 purchased EIGEN back in May 2023. Their purchase price was $3.76 per token. Their recent sale, therefore, combined with the acquisition of WBTC, highlights a significant loss in value since their purchase.

Although they tried to save some worth by turning their EIGEN assets into more stable currencies like WBTC and ETH, it is nevertheless a massive loss. It shows how much the crypto market can fluctuate and how inherently unstable it can bethis is not news to anyone. But the numbers are still jarring even for a market known for its ups and downs. Whale 0xce0s decision to buy EIGEN at the peak on July 21, 2022, for a price of $6.75, along with the decision to hold it until now, has resulted in a massive unrealized loss of $4,572,954.

The Implications of Whale 0xce0s Actions

Whale 0xce0 had a substantial amount of EIGEN tokens in their possession. They decided to sell and did so at a heavy loss, worth about half of what they had paid for the tokens. When a large holder like Whale 0xce0 sells and signals that theyre not confident in a tokens future, it raises eyebrows. A lot of people watch what the big players do and then take it as a sign to do (or not do) something with the token themselves.

Its important to note, though, that Whale 0xce0s decision to unstake and sell may also reflect larger market conditions. The crypto market is notoriously volatile, and tokens in the Einsteins Universe, like EIGEN, arent exempt from that treatment. Theyve also faced significant price corrections as part of a broader market trend. The loss of $2.01 million is absolutely a bummer, but if nothing else, its a reminder of the risks involved in trading cryptos, where market sentiment can shift on a dime and prices can move around a lot.

EIGENs price drop might not only result from market conditions but could also derive from other sources, like these:

low liquidity in the EIGEN market,

movements in investor sentiment towards EIGEN,

broader trends in the DeFi space that might affect EIGENs price.

Whale 0xce0s experience shows that these factors can work in tandem or in parallel to produce price moves that can easily go against you in this volatile crypto world.

Conclusion

Whale 0xce0s recent transaction, selling 389,523 EIGEN tokens for $457,000, highlights the cryptocurrency investment landscapes risks and rewards. This whales initial decision to make a heavy investment in EIGEN at an average price of $3.76 now stands in stark contrast to their recent liquidation of the same asset at a much lower price of $1.173. And that, friends and family, is a not-so-cryptic way of saying that the unpredictable price action of the cryptocurrency market just bit this whale hard on the backside.

As the market forms, the conduct of whales like 0xce0 will probably continue to occupy an important place in molding the feeling of EIGEN and other tokens like it. Can EIGEN come back from the recent downturn? The question remains open. But the significant losses suffered by Whale 0xce0 make for a cautionary tale that most of us can interpret in at least two ways.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Text source: NullTX

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