Ethena (ENA) has seen a significant price surge today, climbing 20% with a 24-hour trading volume increase of 242%, pushing the token’s price towards the $0.90 mark.
This impressive rise highlights the growing interest and trading activity around ENA.
On-chain reports from Spotonchain reveal that a multisignature wallet linked to “lemmasolutions.eth” has been actively withdrawing large amounts of ENA from Gate.io. The wallet, identified as 0xe68, recently withdrew 6.93 million ENA valued at $4.98 million at an average price of $0.718.
Lucky or Insider? Multisign linked to "lemmasolutions.eth" is making $1.87M (+19%) from $ENA in just 4 days!
This multisign has withdrawn a total of 13.86M $ENA from #Gate.io since May 17, with the latest withdrawal done 17 hours ago, right before the price soared 👇
• Avg… pic.twitter.com/7ejvvXDNQj
— Spot On Chain (@spotonchain) May 21, 2024
Over the past three days, the multisignature wallet has withdrawn a total of 13.86 million ENA across three transactions from Gate.io. The average withdrawal price was $0.731, amounting to an estimated total cost of $10.13 million. Currently, the value of these tokens stands at $9.95 million.Â
Whale Wallet Shows Strong Support And Confidence For Ethena ENA TokenÂ
Interestingly, the multisignature wallet has not accumulated any other tokens during this period, suggesting a strong focus and confidence in ENA.
This substantial accumulation by a notable wallet could indicate strategic positioning ahead of further price movements or upcoming developments within the Ethena ecosystem. The increased trading volume and price surge reflect heightened market interest and speculation, potentially driven by positive sentiment or anticipated news.
As ENA continues its upward trajectory, market participants will be closely watching for any further large transactions or announcements that could impact its price and trading activity. The focused accumulation by “lemmasolutions.eth” underscores the growing confidence in ENA’s potential, setting the stage for continued market interest and potential price appreciation.
With the current momentum, Ethena is poised to remain a key player in the crypto space, attracting both traders and investors looking to capitalize on its recent gains and future potential.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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