Crypto News

Ethena Experiences Brief Decline After Reaching All-Time High

Ethena, the latest sensation in the crypto space, encountered a momentary setback today, witnessing an 8% decline shortly after achieving an all-time high above $1 just hours after its launch.

Despite this minor dip, data from Defillama indicates that Ethena’s Total Value Locked (TVL) surged to over $2 billion, underscoring the platform’s rapid growth and popularity.

In a recent development, the fourth-largest Blast staking whale executed a notable transaction, transferring 1 million $ENA from Binance, valued at $970,000, with an average transfer price of $0.9655.

This move marks the whale’s first foray into trading ENA, signaling a likely buy operation and suggesting optimism regarding the future price trajectory of the token.

Conversely, another prominent whale, identified as 0x9b4, withdrew 3.5 million ENA ($3.3M) from Binance at an average price of $0.944 over the past few hours. Notably, ENA now occupies the top position in the whale’s portfolio, followed by holdings in DEGEN and BRETT. 

More $ENA Whales Continues Radical Accumulation

Impressively, the whale has already amassed estimated total profits of $912K from DEGEN and BRETT within just 12 days, including both realized and unrealized gains.

Despite the recent price cooling of ENA by 3.12% in the past hour, the whale perceives this as an opportunity to accumulate more ENA tokens. Additionally, Ethena Labs made a significant announcement, revealing that Ethena has integrated BTC as a backing asset to USDe. 

This development is expected to facilitate significant scalability for USDe, which currently boasts a supply of $2 billion.

Overall, despite the temporary setback, Ethena continues to attract attention and gain traction within the crypto community, with its innovative features and promising potential for growth and expansion.

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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Image Source: novintito/123RF // Image Effects by Colorcinch

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