Ethena’s $ENA token has fallen below the $0.70 mark. On-chain reports indicate that Whale 0x886 recently deposited the remaining 3.879 million ENA, valued at approximately $2.83 million, to Binance at a price of $0.728.

This move marks the conclusion of the whale’s first trade with ENA, resulting in an estimated total loss of $13.01 million, or 43.5%. Initially, between April 10 and 15, 2024, the whale withdrew 23.239 million ENA from Binance at an average cost of $1.287 per token, totaling around $29.9 million.

Following the withdrawal, the whale staked all the tokens, becoming the largest staker in the “Ethena: LP Staking” contract. However, in the past 20 hours, the whale unstaked and deposited all 23.239 million ENA back to Binance at an average price of $0.728 per token.

In the past 11 hours, the largest $ENA staker deposited 19.36M $ENA ($14.1M) to #Binance at ~$0.73!

The whale withdrew 23.24M $ENA from #Binance at ~$1.29 ($29.9M) from Apr 10 to 15,

And now has 3.88M $ENA ($2.76M) left in the wallet with an est. total loss of $13.07M (-44%).… https://t.co/6qI23euNWj pic.twitter.com/b6jnQaVTw5

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

Despite a 20% decline in ENA’s value over the past seven days, Ethena’s Total Value Locked (TVL) continues to grow impressively, now exceeding $3.4 billion.

This growth in TVL suggests strong underlying confidence in Ethena’s platform, even as the ENA token experiences volatility.

Ethena's TVL continues its impressive growth trajectory and now exceeds $3.4 billion! pic.twitter.com/K7bWOpnxSO

— IntoTheBlock (@intotheblock) June 12, 2024

The significant whale activity and the subsequent price drop underscore the ongoing challenges and opportunities within the cryptocurrency market. Investors and stakeholders will be closely monitoring Ethena’s developments as it navigates this period of turbulence.

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: armmypicca/123RF// Image Effects by Colorcinch

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