On-chain analyst Lookonchain has reported that an anonymous whale has withdrawn 9 million ENA (US$9.77 million) from Binance and staked it. The whale now has a total of 15.69 million ENA (US$16.94 million) staked. This move suggests the whale is bullish on ENA's long-term prospects and believes the potential rewards of staking outweigh the risks. ENA is a utility governance token for the Enjin ecosystem, a platform that allows users to create, manage, and trade virtual goods. The ENA token can be used to pay for transaction fees, participate in governance decisions, and earn rewards through staking. Staking involves locking up ENA tokens for a period of time to support the Enjin network and earn rewards. The length of time the tokens are staked and the amount of ENA staked both affect the rewards earned. Stakers can earn rewards in the form of ENA tokens or other Enjin ecosystem assets. The whale's decision to stake 9 million ENA is a sign of confidence in the Enjin ecosystem and the ENA token. It is also a reminder that staking can be a profitable way to earn rewards on your crypto assets. ```