EIGEN token's downward spiral continues to intensify this week. The past seven days saw a brutal 20% drop, with another 2.14% shed in the last 24 hours alone. What's eating into EIGEN's momentum? KernelDAO just grabbed headlines with its whopping $2 billion in total value locked, putting serious pressure on the so-called restaking champion.

Market sentiment tells the same grim story. The Fear & Greed Index sits at a chilly 21, while altcoins across the board are getting hammered. Technically speaking, EIGEN cracked below the $0.735 support and is now eyeing $0.633 as the next critical floor. RSI readings hover around 29, deep in oversold territory, yet buyers remain conspicuously absent. If that $0.633 level gives way, brace for steeper losses ahead.