Ecoinimist Pulse: Arbitrum Hits 1 Billion Transactions, Eigen Token Now Tradable, and CleanSpark Restores Mining Operations Post-Hurricane

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Breaking Crypto Stories

Welcome to the latest Ecoinimist Pulse newsletter. Here are the top stories today:

Arbitrum Surpasses 1 Billion Transactions, Maintaining Lead in Layer 2 Solutions
EigenLayer Lifts Transfer Restrictions on EIGEN Token, Now Tradable on Multiple Exchanges
CleanSpark Restores Power to Bitcoin Mining Operations After Hurricane Helene Devastation

Question of the Day

Will we experience another Uptober?

🥇Arbitrum Surpasses 1 Billion Transactions, Maintaining Lead in Layer 2 Solutions

Arbitrum One, a Layer 2 Ethereum rollup, has crossed 1 billion transactions, securing its dominance among Layer 2 solutions with the highest total value locked (TVL) of $2.5 billion.

Arbitrum One has reached over 1 billion transactions within three years, outperforming competitors like Base and OP Mainnet in overall volume.
Despite Base leading in daily transactions, Arbitrum continues to hold the highest TVL among Layer 2 solutions at $2.5 billion.
Arbitrum employs optimistic rollup technology for faster and cheaper transactions, with plans for developers to create Layer 3 chains using its Orbit software stack.

🪙EigenLayer Lifts Transfer Restrictions on EIGEN Token, Now Tradable on Multiple Exchanges

EigenLayer has officially removed transfer restrictions on its native EIGEN token, allowing holders to move and trade the token across various exchanges, with a current valuation of $7.1 billion.

EIGEN token transfer restrictions were lifted, enabling trading and movement of assets, including those distributed via airdrops.
The circulating supply of EIGEN is expected to be around 200 million, with the token trading at $4.28, giving EigenLayer a fully diluted valuation of $7.1 billion.
EigenLayer, with a total value locked of over $12 billion, allows users to stake Ether for securing third-party networks or services, though its TVL is down from a peak of $20 billion in June.

⚡️CleanSpark Restores Power to Bitcoin Mining Operations After Hurricane Helene Devastation

CleanSpark, a U.S. Bitcoinmining firm, has restored 200 MW of power after Hurricane Helene caused significant disruptions, with the company’s CEO assuring that all facilities will be back online by Oct. 4.

CleanSpark’s hashrate dropped from 28 EH/s to 10.5 EH/s after shutting down 365 MW at its Georgia site due to Hurricane Helene, but 200 MW has since been restored, bringing the current rate to 22 EH/s.
CleanSpark expects full restoration of its remaining 165 MW of power by October 4, with no reported material damage to its mining servers.
Hurricane Helene, a Category 4 storm, caused widespread devastation across seven U.S. states, resulting in 137 deaths, with CleanSpark confirming the safety of its team members.

Ecoinimist Pulse: Trade Spotlight

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Bittensor (TAO)

TAO Price Shows Bullish Strength Near Resistance

Price Movements: TAO has shown consistent upward momentum, closing at $605.4, signaling a short-term bullish trend as it approaches resistance near the $610–$615 range.

Key Levels to Watch: Support levels are at $574.7, $551.9, and $546.2, while resistance is likely around $610–$615. A break above $615 could indicate further bullish momentum.

Trade Strategies: Long entries are favorable near $594 with stop-losses below $574.7, targeting a breakout above $615. Short traders may look for entries around $610–$615, with potential exits at $574.7 or lower.

Celestia (TIA)

TIA Bulls Eye Reversal After Testing Resistance at $5.67

Price Movements: TIA shows short-term bearish momentum with recent closing prices between $5.592 and $5.636, reflecting indecisiveness and selling pressure dominating the market.

Key Levels To Watch: Resistance is at $5.67, $5.991, and $6.032, while support levels lie at $5.53, $5.528, and $5.39. Breaking below support could trigger further downside, while surpassing resistance may lead to bullish momentum.

Trade Strategies: For long trades, look for a bounce near $5.53 or $5.528, confirmed by bullish indicators. For short trades, consider entering around $5.67 if resistance holds and the bearish trend continues.

Ether.Fi (ETHFI)

ETHFI Price Action Suggests Bulls Poised for a Move Higher

Price Movements: ETHFI is consolidating with recent prices fluctuating between $1.821 and $1.842, showing slight volatility and potential for bullish momentum.

Key Levels To Watch: Resistance at $1.827 and $1.853 for potential bullish breakouts, while key support levels are at $1.787, $1.768, and $1.72.

Trade Strategies: Consider long positions near $1.821 with targets at $1.827 and $1.853. Short trades could be triggered if the price falls below $1.787, targeting $1.768 and $1.72.

ICYMI:

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Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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