ENA Whale Moves 18M Tokens to Binance, Sparking Sell-Off
Ena is Ethena’s local token, a synthetic dollar protocol based on Ethereum that has been the biggest loser in the market for the past 24 hours. Altcoin traded at $0.42, down more than 10% during this period.
The price fell because the largest Ena Stakers revealed the entire stake and sent it to a cryptocurrency exchange.
ENA Whale Trigger Sale
During Asian trading hours on February 11, this is a professional Essena Whaleidentified as wallet 0x8f9, it holds all 17.875 billion ENA (valued at $8.78 million) and deposits it in second-hand stocks.
According to the chain detective Spotonchainthe whale accumulates ENA with an average purchase price of $1.167, mainly during the peak price. Since the current Altcoin transaction price is $0.43, selling at this level will cause huge losses to whales.
When the whale transfers a large number of tokens to the exchange, it marks a potential sell-off, increasing market supply and reducing prices. This may trigger a bearish feeling among traders, leading to volatility Further prices fell.
The current negative funding rate behind ENA reflects this bearish sentiment. According to Coinglass is -0.012%.
Funding rate is regular payment between permanent traders futures contract. It ensures that the contractual price of the asset is consistent with the spot price.
When the financing rate of an asset becomes negative, this indicates that short positions are dominant. This means traders are paying underpriced, which can indicate strong bearish sentiment, but also increases the risk of a brief squeeze if sentiment shifts.
ENA Price Outlook: Will selling pressure reduce stress?
Ena Yes The current trading price is at a three-month low of $0.42, facing increased sales pressure. If the binary fee of Whale 0x8f9 is unloaded at 17.875 million ENA, the lack of sufficient buying demand may further drive the price downside, potentially falling below $0.41 and slipping into $0.31.
However, a surge in overall demand for ENA may absorb sales pressure, offsetting the potential exit of whales. In a bullish situation, the increased buying momentum could increase the price of the token to $0.51.
Disclaimer
and Trust Project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Beincrypto is committed to accurate and impartial reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions,,,,, Privacy Policyand Disclaimer Updated.
