ENA’s Dive: A Whale of a Tale!

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Oh, my dear ENA, the native token of Ethena, has taken a tumble! It’s currently trading at $0.42, a staggering 10% drop in the last 24 hours. Just like a jester at a medieval court, its price has been anything but stable!

So, what’s causing this commotion in the Ethena pond? A whale of a staker, identified as wallet 0x8f9, has decided to unstake its entire 17.875 million ENA stash (worth $8.78 million) and deposit it in Binance. Talk about making a splash!

ENA Whale: The Un-shaking Staker

During the early hours of February 11 (in the Asian trading realm), this Ethena whale started unstaking its massive ENA holdings. With an average purchase price of $1.167, mostly during price peaks, selling at the current price of $0.43 would result in a substantial loss. But, as they say, “Everyone’s got to swallow a bitter pill now and then.”

When whales start moving their tokens to exchanges, it usually means they’re ready to sell. And increased market supply often leads to lower prices. It’s enough to give any trader the jitters!

Moreover, the current negative funding rate for ENA indicates strong bearish sentiment. Short positions are dominant, and traders are paying to stay short. It’s a risky game, but that’s the whale’s prerogative!

ENA’s Future: Sink or Swim?

ENA is currently at a three-month low of $0.42, and the selling pressure is mounting. If whale 0x8f9 decides to sell its 17.875 million ENA on Binance, the lack of buy-side demand could drive the price even lower, possibly breaking below $0.41 and sliding towards $0.31.

However, a sudden surge in overall demand for ENA could absorb the selling pressure, counteracting the whale’s potential exit. In a best-case scenario, increased buying momentum could push the token’s price to $0.51. Here’s hoping ENA finds its sea legs soon!

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2025-02-12 22:42