The decentralized protocol Ethena Labs recently introduced a governance token named ENA, which is making headlines today due to a whale attack. This indicates that cryptocurrency enthusiasts are showing intense interest in the token. But what are the details of this move?
Whales’ Attack on ENA
A leading crypto surveillance platform, Spot On Chain, recently highlighted a significant move by a whale identified by the wallet initials “0xbba”. This whale, in the last 48 hours, has withdrawn a staggering 11.17 million ENA tokens from Binance in multiple transactions. At the time of reporting, these tokens were valued at $15.95 million.
Updated data reveals that the aforementioned whale carried out additional transactions, withdrawing a total of 16.74 million ENA tokens worth $24.44 million from Binance. Interestingly, alongside these withdrawal transactions, the whale also began staking activities, increasing their participation in the ENA ecosystem.
Findings from Spot On Chain show that the whale staked 5.59 million ENA tokens with Ethena Labs, solidifying their position as the fourth-largest staker in the ENA network. Moreover, predictions indicate that the whale has the potential to rise to the position of the largest staker as they continue their withdrawal and potential staking efforts.
Growing Trend Among Investors
The whale “0xbba” is not alone in their strategic moves involving ENA tokens. There are other players joining in. Another notable wallet, identified by Spot On Chain, withdrew over $8.5 million worth of ENA from Binance, opting to stake all of its assets. In addition, market observer Lookonchain detected a wallet exchanging Ethereum tokens worth $3.14 million for ENA, signaling growing interest in the governance token.
Despite a broad market downturn, ENA showed notable resilience with a 10% increase in a single day. Spot On Chain attributes this increase to significant staking activity observed in recent days, with over $165 million worth of ENA tokens staked.
This influx of staking is important for further solidifying ENA’s position in the crypto world. However, as mentioned in our morning report, comments suggesting ENA could be the next Terra are inevitably raising doubts among investors.
