The recent downturn in the value of ENA led to a whale capitulating, resulting in substantial losses amounting to $2.71M. Here's a breakdown of the events:đ
Initial Stake and Withdrawal:
On April 5, the whale withdrew 6.01M ENA ($5.71M) from Binance at a price of $0.95 and staked it.
Additional Withdrawal at Higher Price:
As the price of ENA surged, the whale withdrew another 3.32M ENA ($4.76M) from Binance on April 10, at a higher price of $1.44.
Price Decline and Capitulation:
Unfortunately, the price of ENA started to decline thereafter. By April 25, the whale began capitulating, unstaking ENA and selling at a loss.
Overall Loss:
The whale deposited a total of 8.33M ENA ($6.94M) into Binance at an average price of $0.83. With only 1M ENA ($823K) left, the whale incurred a total loss of $2.71M.
Address:
0x03b3E2069830DD3BD1a5b5e45dAd60A770227eD7
This serves as a cautionary tale highlighting the risks associated with cryptocurrency investments and the importance of risk management strategies in volatile markets.
