A Well-Known Address Has Moved in the Cryptocurrency Markets

Whale 0xce0 sold $7.81 million worth of Solana ($SOL) into the Kraken exchange.

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 we’ve 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, valued at 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 EIGEN at an avg. price of $1.173 for a loss of $2M. pic.twitter.com/a5gxdtg5Df

— Spot On Chain (@spotonchain) March 26, 2025

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, which at the time was worth around $2.9 million, to purchase a substantial amount of 772,450 EIGEN tokens. The tokens were acquired at an average price of $3.76 each, and these tokens were immediately staked by the whale presumably to earn rewards via EIGEN’s 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 serve to sweeten the deal.

When Whale 0xce0 purchased EIGEN, its price appeared to be holding great promise in what seemed at the time to be an emerging bullish market. However, subsequent events unfolded in a manner that was less than favorable for the invested funds as the value of EIGEN began to decrease. The value of EIGEN dropped sharply over the next few months—as did the prices of many, many other cryptocurrencies—and Whale 0xce0’s purchase couldn’t have been looking much worse.

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 those of the whale. As the token’s value continued to slide, paler decided to unstake and sell a significant portion of their EIGEN holdings.

In the past day, paler has 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. paler 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 be—this is not news to anyone. But the numbers are still jarring even for a market known for its ups and downs. paler’s 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.

paler had a substantial amount of EIGEN tokens in their possession. They decided to sell and did so