Crypto News

Ethena’s All-Time High Hits $1.516 With Smart Trader Activity

In the past 24 hours, Ethena’s all-time high surged even further, reaching $1.516, reflecting the continued bullish sentiment surrounding the cryptocurrency.

Recent on-chain reports reveal notable activity from smart trader 0x432, who strategically invested 725 Ethereum (approximately $2.59 million) to purchase 1.783 million $ENA tokens on-chain at an average price of around $1.453. This move caused a 5% increase in the price of $ENA, further boosting investor confidence.

It’s worth noting that smart trader 0x432 has a track record of successful investments, having earned profits totaling $6.18 million from previous trades involving tokens such as $LDO, $MATIC, and $MEME.

Ethena Whales Moves To Withdraw Their Token From Exchanges 

Additionally, bullish whale 0xbba made significant moves in the past 48 hours, withdrawing 11.17 million $ENA tokens (equivalent to $15.95 million) from Binance at an average price of approximately $1.43. Interestingly, this whale has already staked 5.59 million $ENA tokens with Ethena Labs, currently ranking as the fourth-largest staker. 

If the whale decides to stake the rest of their tokens now, they will become the largest staker within the $ENA contract, further solidifying their bullish position in the market.

The actions of both smart trader 0x432 and bullish whale 0xbba highlight the growing confidence and optimism surrounding Ethena and its native token, $ENA.

As the cryptocurrency continues to experience upward momentum, investors are closely monitoring market dynamics and strategic moves by key players, positioning themselves to capitalize on potential opportunities for profit and growth in the evolving landscape of decentralized finance.

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: peshkov/123RF // Image Effects by Colorcinch

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