As an experienced analyst, I’ve seen my fair share of market downturns and whale movements that have significantly impacted token prices. The recent selling pressure on ENA, the native token of Ethena, has been a cause for concern for many investors, myself included.
As a crypto investor, I’ve noticed that ENA, the native token of Ethena, has been undergoing considerable selling pressure in the past few weeks. Following a prolonged downward trend, ENA took a sharp dive to hit $0.73 – its lowest price point since May 20th.
This, in turn, has translated to huge losses for ENA stakers.
On Tuesday, the largest ENA stakeholder, holding approximately $17.3 million worth of staked ENA (23.24 million units), unexpectedly withdrew their entire position from Lookonchain. In an even more astonishing turn of events, they subsequently sold off 19.36 ENA, valued at over $14.1 million, incurring a significant loss.
As an analyst, I’d like to provide some context based on the on-chain data I’ve examined. Between April 5 and April 10, this investor withdrew a significant amount of 23.24 million ENA from Binance when the token was priced at approximately $1.29. However, following recent market downturns, their current holdings have shrunk to just 3.88 million ENA, equivalent to around $2.74 million.
As a result, the whole ordeal translated to a loss of more than $13 million.
Despite a consistent expansion of its ecosystem, Ethana (ENA) has yet to exhibit a significant recovery in terms of growth. As per the most recent data from DefiLlama, the total value locked (TVL) within the Ethana project has shown a marked increase, reaching an impressive $3.44 billion by June 12th.
As a proud member of the Ethena community, I’ve witnessed an astonishing surge in the usage and adoption of our USDe stablecoin since its public unveiling. In just the first week, the supply broke the $400 million mark. Amazingly, it didn’t stop there; within mere months, the USDe stablecoin’s supply soared beyond the $2 billion threshold.
As an analyst, I’ve noticed a dramatic surge in the value of a particular asset, which has raised red flags given the past failure of an algorithmic stablecoin named Terra’s UST.
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2024-06-13 01:12