Ethena’s ENA token has sparked concerns in the cryptocurrency market due to massive whale sales. As of December 26, several whales sold approximately 3.36 million ENA, or $3.17 million, to the Binance exchange. This massive sell-off caused a 10% drop in the token’s price. Currently, ENA is trading at $0.92. This price movement increased investors’ uneasiness about future price fluctuations.
Whale Sales Affected the Market
According to Lookonchain data, the addresses of the whales selling ENA tokens were detected as 0x886b.. and 0xbB22.. on Etherscan. These massive sell-offs show signs of panic selling in the market. Investors are worried that ENA’s price will drop further following the whale sales.
These movements created an environment of uncertainty in the cryptocurrency market. While ENA’s 24-hour price range ranged from $0.92 to $1.04, prices dropped 10% in one day. The general trend and whale movements in the cryptocurrency market may play an important role on the future performance of ENA.
The Future of Ethena: New Partnerships Promise
Despite this decline in Ethena’s price, there is optimism about the future of the token. The monthly chart shows an increase of 48%. The Ethena team attracted attention with its partnership with Donald Trump’s World Liberty Financial (WLFI). This partnership involves using Ethena’s sUSDe stablecoin as collateral on WLFI’s new Aave-based lending and borrowing platform. These developments show that Ethena may gain value in the long term. Investors closely follow the company’s future partnerships and projects.
As the market recovers, the price of ENA is expected to increase. However, BitMEX’s transfer of 7 million ENA by Arthur Hayes to Binance has also increased uncertainty in the market. Investors continue to monitor these developments carefully. Whale sales and new strategic partnerships may play a decisive role in the future price movements of the ENA token.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
