Keith sold Ethena at a loss of $2.71 million 🐳
The trader entered ENA for $5.71 million at the rate of $0.95 and $3.32 million at $1.44. In fact, I bought it on high, and then...
He decided to exit the decline to $0.83 and recorded a loss of $2.71 million.
Ethena is traded on a top CEX and offers its algorithmic stablecoin USDe, which is often compared to the collapsed UST.
The Ethena team believes that they took into account the errors of LUNA and their algorithm works reliably, but in fact it is just a farmer of USDe, which has no practical application and its exchange rate is not protected from a strong correction, much less a bear market.
Keith may have panicked early and Ethena has a chance to rise in a bull market because... everyone wants easy money, and 15.9% per annum in a stablecoin is tempting.
