Tron founder and famous crypto entrepreneur Justin Sun sells his 5.374 million EigenLayer (EIGEN) airdrop on Binance, cashing out a whopping $21.66 million.
According to popular blockchain sleuth EmberCN, the Tron founder withdrew $21.66 million in the USDT stablecoin from Binance earlier today.
Sun Dumps 5.374M EIGEN on Binance
Following the transaction, the blockchain sleuth speculated that Sun sold all 5.374 million EIGEN tokens he received via an airdrop last month to procure these tokens. This would translate to an average price of $4.03 per token.
Notably, EmberCN revealed that the EigenLayer team airdropped 5,374,260 (5.374 million) EIGEN tokens to six separate blockchain wallets belonging to the Tron founder.
After the team removed transfer restrictions from the token yesterday, Sun immediately moved all airdropped EIGEN tokens to HTX crypto exchange.
Interestingly, he subsequently transferred the 5.374 million tokens from HTX to Binance and later withdrew 21.66 million USDT ($21.66 million) from Binance.
Data from Arkham Intelligence shows that Sun supplied all 21.66 million USDT as collateral on Aave V3. The recipient address holds $253.1 million worth of crypto, including the USDT tokens Sun supplied as collateral on Aave V3.
EigenLayer Stakedrop Season 2
For context, Sun was among the top beneficiaries of Eigenlayer’s second stakedrop season, which saw the distribution of 86 million EIGEN tokens. These 86 million tokens represent 5% of EIGEN’s 1.68 billion total supply.
Notably, EigenLayer’s team distributed the 86 million tokens to stakers, node operators, and community members. Of the 86 million EIGEN tokens, the team distributed 70 million to stakers who were active participants between March 15 and August 15. Here, the airdrop was allocated based on each participant’s staked Ethereum (ETH) on the EigenLayer protocol.
The team also allocated 10 million EIGEN to other contributors, including third-party networks and rollups-as-a-service providers. It set aside the remaining six million EIGEN tokens for the community.
At the time of writing, EIGEN, which hit an intraday high of $4.24, is trading at $3.63. The token is down 7.6% over the past 24 hours. Ranked as the 94th-biggest cryptocurrency, EIGEN has a market cap of $672.38 million, with a daily volume of $650.56 million.
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