A cryptocurrency whale caused concern with his large exchange transfer for an altcoin project.
A whale has attracted attention in the cryptocurrency market with a major transaction of decentralized finance (DeFi) tokens. The wallet owner with the address “0x687” deposited 4.96 million Ethena (ENA) worth $6.01 million to cryptocurrency exchange Binance in the early hours of January 6.
The transaction took place at an average price of $1.23 per token.
In Ethena, 12 million locked tokens worth $15 million will be opened this week.
The whale in question had previously withdrawn a total of 5.97 million ENA (worth $4.46 million) from Binance at a price of approximately $0.75 between May 10 and December 2, 2024, and used these tokens for staking.
If the whale were to sell these tokens now, it would make a profit of around $2.38 million (64.2%), once again showing how volatility in DeFi tokens and strategic moves by large investors can affect the market.
Experts warn investors that such transactions may lead to fluctuations in the token price. The possible movement in the ENA price is closely monitored by both individual and institutional investors.
Stay tuned