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Today, The Data Nerd reported a remarkable financial move. A whale with the address 0x2Ea deposited approximately 3.8 million ENA, equivalent to around $2.12 million, to Binance just seven hours ago. This transaction caused a significant stir in the market due to the large amount of tokens and the substantial financial implications for the whale. Let’s delve into the details of this development.
Whale’s Altcoin ENA Move
The whale’s large investment seems to have serious consequences. If the ENA tokens are sold at the current market price, there will be a loss of approximately $1.72 million. This reflects that the value of ENA has significantly dropped since the whale’s purchase. We can also say that the decline in investors’ confidence in ENA is among the reasons for these losses.
The whale’s recent activities have also increased our interest. Although this whale sent ENA to Binance, it is a whale that heavily invests in the related cryptocurrency.
Last month, the whale accumulated a total of 11 million ENA at a cost of approximately $11.2 million. This large-scale purchase demonstrated the whale’s strong belief in ENA’s potential. However, the sharp price declines seem to have shaken the whale’s confidence.
Whale Staked ENA
Currently, the whale still has a significant portion of ENA holdings staked. 7.1 million ENA tokens are staked on Pendle, a decentralized finance platform. This staked amount faces an unrealized loss of approximately $3.22 million. Unrealized losses mean that the value of the staked tokens has dropped, but the loss has not been realized because the tokens have not been sold.
Commenting on the whale’s actions, we are faced with a complex investment strategy involving both active trading and staking in the decentralized finance space. Staking on Pendle may be part of a broader plan to earn rewards over time or mitigate losses. However, the current financial position shows that the whale has fallen victim to market volatility. If the price remains at this level and the whale sells, there is nothing left to do but say goodbye.
