In the past 24 hours, Ethena’s all-time high surged even further, reaching $1.516, reflecting the continued bullish sentiment surrounding the cryptocurrency.

Recent on-chain reports reveal notable activity from smart trader 0x432, who strategically invested 725 Ethereum (approximately $2.59 million) to purchase 1.783 million $ENA tokens on-chain at an average price of around $1.453. This move caused a 5% increase in the price of $ENA, further boosting investor confidence.

It’s worth noting that smart trader 0x432 has a track record of successful investments, having earned profits totaling $6.18 million from previous trades involving tokens such as $LDO, $MATIC, and $MEME.

Smart trader 0x432 spent 725 $ETH ($2.59M) to buy 1.783M $ENA on chain at ~$1.453 in the past 45 minutes, pumping the price by 5%.

Notably, the trader has earned $6.18M in profits from $LDO, $MATIC, and $MEME in the past.

Watch out as the trader may keep buying more tokens!… pic.twitter.com/JKI2vOFd9t

— Spot On Chain (@spotonchain) April 11, 2024

Additionally, bullish whale 0xbba made significant moves in the past 48 hours, withdrawing 11.17 million $ENA tokens (equivalent to $15.95 million) from Binance at an average price of approximately $1.43. Interestingly, this whale has already staked 5.59 million $ENA tokens with Ethena Labs, currently ranking as the fourth-largest staker. 

Bullish whale 0xbba has withdrawn 11.17M $ENA ($15.95M) from #Binance at ~$1.43 in the past 34 hours!

Notably, the whale has already staked 5.59M $ENA with @ethena_labs, now the 4th-largest staker. If staking the rest of the tokens now, the whale will become the largest staker… pic.twitter.com/XGmovTus5e

— Spot On Chain (@spotonchain) April 12, 2024

If the whale decides to stake the rest of their tokens now, they will become the largest staker within the $ENA contract, further solidifying their bullish position in the market.

The actions of both smart trader 0x432 and bullish whale 0xbba highlight the growing confidence and optimism surrounding Ethena and its native token, $ENA.

As the cryptocurrency continues to experience upward momentum, investors are closely monitoring market dynamics and strategic moves by key players, positioning themselves to capitalize on potential opportunities for profit and growth in the evolving landscape of decentralized finance.

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

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