ENA: Will it Sink or Swim? 🌊

by

So, Ethena [ENA]… it clung to twenty cents like a drowning man to a splintered plank. A brief spasm of life, nudging up to twenty-one, a pathetic little victory against the inevitable, eh? 🙄

Currently, it’s wobbling at $0.2127 – a mere twitch upward in the grand scheme of things. Four point three three percent today, they say. But a fifteen percent tumble this week? A tragedy in miniature. A warning sign for those chasing ghosts.

And what do the architects of this… venture… do? They start dumping! A hundred and one million ENA onto the exchanges, eager to be rid of it. A brazen act! As if the market wasn’t already a pit of despair. A calculated betrayal, no doubt. 😈

Ethena Labs’ Exchange Deposits: A Flood of Despair

The on-chain seers have spoken: Ethena Labs is offloading. First, a whopping 50.13 million ENA to Coinbase – twelve and a half million dollars vanished into the digital ether. A tidy little sum, don’t you think? As though they’re preparing for a hasty retreat. 💸

Then came Bybit, swallowing 18.36 million, worth three and three-quarter million. Followed by FalconX, gulping down 23.3 million for four and three-quarter million. A total of 101.79 million ENA-nearly twenty-one million dollars, all unleashed upon the unsuspecting public! A veritable deluge!

They’ll tell you it’s about providing liquidity. Balderdash! It smells of panic, my friends. A desperate attempt to salvage what little remains before the whole house of cards collapses.

The Whales: Stubborn Creatures

But… there are whispers. Rumors of whales, those leviathans of the market, snapping up ENA like discounted herring. CryptoQuant’s data shows large orders, a glimmer of hope amidst the gloom. Are they foolishly buying into a sinking ship? Or do they know something we don’t? 🤔

The Taker CVD is stubbornly green, they say-twenty-five days of green! A buyer’s market, they claim. But who are these buyers? Dreamers, fools, and those with more money than sense, most likely.

The numbers tell a tale, too. 110.49 million in buy volume against 95 million in sell volume. Fifteen million Buy Delta. A temporary respite, perhaps, a fleeting moment of defiance against the inevitable.

Can It Hold? A Question for the Gods

The charts, ah, the charts! They tell a bleak story. The DMI, a pathetic 11.7, while the -DI lords it over at 24. Downward momentum, they call it. I call it gravity. ☄️

The Stochastic Momentum Index? Buried in the negative zone. Another nail in the coffin? Perhaps. The market remains a cruel mistress, laughing at our hopes and dreams.

So, can ENA recover? Maybe. If the whales continue their reckless spending. But if Ethena Labs unleashes the full force of their dumps, prepare for a descent into the abyss. A break below twenty cents could send it tumbling towards eighteen. 📉

Or, in a burst of improbable optimism, it might somehow claw its way to twenty-four. But don’t count on it.

Final Thoughts

  • Ethena Labs: A grand total of 101.79 million ENA tokens deposited. A sign of prosperity? Hardly.
  • The structure? Bearish. The whales? Fighting a losing battle.

Read More

2025-12-21 06:21