After six months, ENA has reclaimed the $1 mark, and significant whale activity has started to stir the market.
A second major wallet suspected of liquidating a large number of ENA tokens has emerged since yesterday.
Crypto user Wanye Kest (Twitter handle: @Wanyewest69) recently deposited 5.006 million ENA tokens, valued at $5.47 million, into Binance. This transaction occurred 14 hours ago and is widely believed to signal a potential sale. Over the past nine months, Kest has staked a total of $9.19 million with Ethena, indicating substantial involvement in the ecosystem.
Yesterday, $6.94 million worth of ENA was similarly transferred into Binance, further fueling speculation of large-scale selling. These movements have coincided with increased volatility in the token’s price, which appears to be tied to whale behavior.
This particular address has a history of major interactions with the ENA ecosystem. It staked 41.95 million USDe on Ethena and received 4.35 million ENA tokens through airdrops during Season 1, which were valued at $7 million at the time. Since achieving a ranking in the top 2,000 during Season 2, the address continues to receive weekly token unlocks, adding to its substantial holdings.
As ENA regains traction in the market, these whale movements have sparked intense interest and discussion among investors. With a return to $1 and ongoing high-value transactions, the market is closely watching how these activities will influence the token’s trajectory in the coming days.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.