Since the introduction of Season 2 by Ethena Labs, the price of $ENA has surged, doubling in value since its launch. This significant uptrend has been attributed to the increased utility and rewards offered by Ethena’s latest season.
Following the announcement, three prominent whales swiftly withdrew a combined total of 8.44 million $ENA ($10.94M) from Binance for the first time, securing their tokens with Ethena through staking.
This move contributed to a surge in demand, driving $ENA briefly past the $1.33 mark, setting a new record high for the token.
$ENA Token Whales’ Movement To Monitor
Ethena’s pledge mechanism, offering additional rewards for locking up $ENA, has incentivized whales to take action.
One such address, previously ranking at the top of the pledge leaderboard, transferred 5.72 million $ENA from Binance, depositing them all for pledge, resulting in a value of $7.34 million. This address had previously purchased 1.97 million USDD.
However, the most recent report highlights the actions of a giant whale identified as 0x9b4…09EA0, who locked a staggering 6.01 million $ENA with Ethena, valued at $8.12 million, propelling them to the top position on the leaderboard.
This smart move proved lucrative, with the whale transferring 6.01 million tokens from Binance at an average price of $0.95 between April 5th and April 9th, resulting in a floating profit of $2.61 million.
Overall, Ethena’s Season 2 has not only boosted the price of $ENA but has also attracted significant interest from whales seeking to maximize their returns through staking and leveraging the additional rewards offered by the platform.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.