Crypto News

ENA Approaches $1 Mark Amidst Mixed Market Activity

Over the past week, the value of ENA has surged by 12%, bringing it close to the $1 milestone.

Despite this bullish trend, some notable market movements have been recorded as the new trading week begins, with ENA showing stability amidst both inflows and outflows.

https://x.com/ai_9684xtpa/status/1794932147540906169?t=YSXau2pRRp2IyizasLYHng&s=19

One significant transaction involved the address 0xa7D…892e7, which recently redeemed all 3.07 million ENA staked in Ethena, valued at approximately $2.79 million. This amount was subsequently deposited into Binance. 

The average price of ENA during its transfer from Binance between May 10 and May 14 was $0.8434. If these tokens were sold at this average price, the trader would realize a profit of about $238,000.

https://x.com/ai_9684xtpa/status/1795097912365511093?t=cDRtAG8w331389umOu1W3g&s=19

Other Whales Make Strategic Moves With ENA Staking

Another key player in the market, a multi-signature address identified as 0xc7e…57233, has been active as well. This address deposited all 16.6 million ENA accumulated over the past four days into Ethena for staking.

The value of this transaction stands at approximately $15.74 million. The ENA tokens were transferred from Bybit at an average price of $0.8956 between May 23 and May 26. Given the current price levels, this address holds a floating profit of $280,000.

These movements highlight both the bullish outlook for ENA as it approaches the $1 mark and the strategic actions of major stakeholders looking to maximize their profits. 

As ENA continues to stabilize, the coming days will be critical in determining whether it can maintain its upward trajectory or face increased selling pressure. The dynamics of staking and trading within platforms like Ethena and Binance will play a crucial role in shaping ENA’s market performance.

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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