Amidst broader market fluctuations, Ethena has surged by 10% today, offering a glimmer of optimism despite a 9% loss on the weekly chart.

Spotonchain data reveals notable activity from Whale 0x886, who recently executed significant transactions involving ENA (Ethena’s native token). 

The whale withdrew 6.954 million ENA ($7.99 million) from Binance at an average price of $1.149 over the past 1.5 hours. 

Subsequently, all tokens were swiftly staked to the “Ethena: LP Staking” contract.

The largest $ENA staker further withdrew 6.954M $ENA ($7.99M) from #Binance at ~$1.15 for staking 19hrs ago, despite a severe loss!

In the past 4 days, the whale has withdrawn 18.12M $ENA from Binance at ~$1.32 ($23.9M) and staked all tokens via 2 wallets, 0xbba and 0x886.

The… https://t.co/u8mK2KSFH8 pic.twitter.com/g20Kbhb4br

— Spot On Chain (@spotonchain) April 15, 2024

Over the past three days, the whale has exhibited consistent behavior, withdrawing a total of 18.123 million ENA from Binance at an average price of $1.321, amounting to an estimated cost of $23.9 million. 

These transactions were conducted through two wallets, namely 0x886 and 0xbba, with the sole purpose of staking.

As a result of recent market turmoil, the whale now holds the largest stake within the ENA contract. 

However, despite the significant holdings and staking activity, the whale has incurred an unrealized loss of $3.1 million (-13%) due to the recent market crash.

The surge in Ethena’s price, coupled with the strategic staking activities of Whale 0x886, underscores ongoing investor interest and confidence in the project’s long-term potential. 

While short-term fluctuations may pose challenges, stakeholders remain optimistic about the prospects of Ethena amid a rapidly evolving cryptocurrency landscape.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.

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Image Source: maximusnd/123RF // Image Effects by Colorcinch

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