Analysts believe that Justin has dumped the EigenLayer (EIGEN) token, and with my research, I agree with this point. Here is how I believe Justin Sun dumped EIGEN token:
Questionable large Withdraw
Justin Sun withdrew 21.66 million USDT from Binance on October 2, 2024. The withdrawal is ok, Justin Sun is a big gun, but the question is, how did Justin Sun receive so much USDT in his Binance account, despite the fact that he did not deposit USTD in Binance?
The Answer
The only probable anticipation is that Justin Sun has undoubtedly sold a large number of assets, but which asset? He will not sell BTC or ETH, which are his reserve and airdrop farming assets. So Justin has undoubtedly sold some tokens he got from some giveaway, most likely EIGEN, which he obtained via airdrop a day before.
EIGEN Pump Dump
Justin Sun obtained more than 5 million EIGEN tokens through airdrops during EIGEN farming on EigenLayer, which were initially transferred to HTX to create liquidity and pump the token, and then transferred to Binance as soon as EIGEN was listed there. As a result, Justin Sun may have performed a pump-dump.