The Largest Investor of Binance-Backed Altcoin Started Selling at a Loss!

ENA's largest staker, developed by Ethena Labs, has started selling.

According to data provided by the on-chain analysis platform Lookonchain, ENA's largest staker took action to sell on June 12.

The data revealed that the staker whale in question withdrew 23.24 million ENA worth $17.3 million from staking and sold 19.36 million ENA worth $14.1 million at a loss.

This investor had purchased 23.24 million ENA worth $30 million through the cryptocurrency exchange Binance between April 10 and April 5. The purchase cost was recorded as $1.29.

This investor currently has 3.88 million ENA left, worth $2.74 million, and a loss of more than $13 million.

Ethena (ENA) price is falling

ENA, which caused great excitement in the first days of its launch and peaked at $1.5 on April 11, has been stuck in a downward trend for about 2 months. This relentless decline began to discourage investors.

According to CoinGecko data, ENA, which has lost 4% of its value in the last 24 hours, is traded at $ 0.711 at the time of writing.