📉 Largest Ethena (ENA) Staker Sells $14.1M in Tokens, Suffers $13M Loss

Biggest ENA staker sold over $14 million worth of tokens.

ENA – the native token of Ethena – has been facing significant selling pressure in recent weeks. After an extended period of price declines, ENA plunged to $0.73, representing its weakest price level since May 20th.

🔸 This, in turn, has translated to huge losses for ENA stakers.

Lookonchain revealed that the largest ENA staker, who had staked 23.24 million ENA – worth around $17.3 million – unstaked their entire holding on Tuesday. In a surprising move, this whale then sold 19.36 ENA – worth over $14.1 million – at a significant loss.

To put things into perspective, the on-chain data also revealed that this investor had initially withdrawn 23.24 million ENA from Binance between April 5 and April 10, when the token was trading at around $1.29. However, after the recent sell-off, the investor is currently left with only 3.88 million ENA – worth $2.74 million.

🔸 As a result, the whole ordeal translated to a loss of more than $13 million.

ENA has failed to post a meaningful rebound despite its ecosystem growing steadily. According to the latest stats on DefiLlama, the TVL locked in the Ethena project has been on an upward trend, reaching a staggering $3.44 billion as of June 12th.

Moreover, the Ethena ecosystem’s USDe stablecoin has seen impressive growth since its public launch. In the first week alone, its supply reached $400 million before eventually surpassing $2 billion barely two months later.

The meteoric rise prompted concerns, especially considering the collapse of the ill-fated algorithmic stablecoin, Terra’s UST.

$ENA #ENA #Ethena