Ethena’s native token ENA has caused concern in the cryptocurrency market following major whale sales. In the sales that took place on December 26, several major investors decided to sell a total of approximately 3.36 million ENA tokens on the Binance exchange. The total value of these transactions was recorded at $3.17 million, and the sales led to a 10% decrease in the token price. ENA is currently trading at $0.92, and its price movements are causing concern among investors.$ENA
According to data obtained from the blockchain analysis platform Lookonchain, the addresses belonging to the whales that made these large sales were detected. Panic arose in the markets after the sales. These selling movements of the whales increased concerns that ENA's current price level could decline further. While ENA's 24-hour price range varies between $0.92 and $1.04, it is said that such sales can have long-term effects on the market.
With these developments, uncertainty continues in the cryptocurrency market. ENA's price fluctuations are expected to continue to take shape in parallel with general market trends. Investors prefer to be cautious in this process.
Although the recent price declines paint a negative picture, there are also optimistic expectations about Ethena’s future. When the company’s monthly performance is examined, it is observed that the ENA token has gained 48% in value. In addition, the partnership with World Liberty Financial (WLFI), which is close to Donald Trump, is noteworthy. With this collaboration, Ethena’s stablecoin sUSDe will be used as collateral on a new lending and borrowing platform developed by WLFI.
While whale sales have caused uncertainty in the markets, such strategic partnerships are seen as a promising development for investors. It is predicted that ENA may regain value with signs of recovery in the markets. Investors continue to closely follow Ethena's new projects and strategic steps.
In addition, the transfer of 7 million ENA to Binance exchange by former BitMEX CEO Arthur Hayes was another development that increased the uncertainty in the markets. Whale movements and Ethena's strategic moves seem to shape ENA's future market position. In this dynamic environment, investors should make careful and fast decisions considering the current risks.