Market Volatility Hits ENA: Whale Accumulates Despite 9% Drop

• Ethena (ENA) crashed a whopping 9.20% in the past 24 hours and trades at $1.7.
• A whale created a new wallet and bought a massive 5.29 million ENA tokens.
• The whale bought the tokens at an average price of $1.12 and is currently at a loss.

Ethena, a synthetic dollar protocol on Ethereum, saw its token ENA fall 9.20% in the past 24 hours as the crypto market declined. Bitcoin (BTC) is struggling to break above $104K. However, a whale has reportedly accumulated a large amount of ENA.

Spot On Chain, a blockchain analysis platform, reported on X that the Ethena whale created a new wallet and bought the 5.29 million tokens at an average price of $1.12, bringing the total purchase cost to $5.92 million. The wallet has already taken a loss on its ENA holdings which is currently valued at $5.655 million based on the current price of the altcoin, i.e., $1.07.

Read also: Ethena USDe Stablecoin Surges 72%—Tether’s Market Lead at Risk

The tokens were then withdrawn from Binance, the world’s largest digital asset trading platform, which means that the whale is bullish on the short term price action of the ENA token despite the monumental price drop in the past …

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