EDEN Token Surges 70% Following Eden Network Shutdown Announcement
EDEN, the token of Eden Network, surged by 70% in 24 hours, reaching $0.0721 before settling at $0.06751. This increase occurred despite the announcement of the network's shutdown after four years, originally launched as Archer DAO in 2020.
Key Points
- Trading volume increased by 409.25% following the closure news and a token retirement program.
- Eden Network aimed to generate MEV profits for Ethereum miners, evolving to support post-EIP-1559 changes.
- The network processed thousands of transactions daily, peaking with over 50% of Ethereum's hashrate.
- Market saturation in relay and block-building operations led to the decision to shut down.
- Eden will distribute its 2,000 ETH treasury to EDEN holders at a fixed rate until September 30, 2025.
Price Analysis
EDEN is testing the upper boundary of a long-term symmetrical triangle formation. The latest breakout attempt raised the RSI to 66.42, indicating near overbought conditions. A successful break above $0.033–$0.035 could target $0.050 and potentially $0.10. Conversely, failure to maintain current levels may see the token retrace to around $0.022.