According to data provided by Spot On Chain, a major whale movement has been detected on the Ethereum-based Ethena (ENA) token.
In the last 24 hours, a whale that created a new wallet withdrew a total of 5.29 million ENA from the Binance exchange. This transaction reportedly occurred when the ENA price dropped to $1.12, bringing the total transaction value to approximately $5.92 million.
While this size of accumulation has drawn attention among market participants, the whale’s purchase during the decline is seen as a sign of long-term confidence in ENA. However, ENA continues to perform poorly, at least in the short term.
According to TradingView data, the ENA price continued to fall after the whale’s trade and dropped to the $1.06 level.
The Ethena team announced earlier this week that it will be launching a new stablecoin to provide stability to the USDe. The token, called USDtb, is backed by BlackRock’s BUIDL fund.
Stay tuned.