Ethena Faces Sharp Decline As Major Investor Prepares To Exit
The post Ethena Faces Sharp Decline As Major Investor Prepares To Exit appeared on BitcoinEthereumNews.com.
Ethena ($ENA) has seen a steep decline, trading at $0.50, which marks a significant drop from its all-time high of $1.50. In the past 24 hours alone, $ENA has fallen by 8%. A notable investor, identified by wallet address 0xb6c8, has decided to cut his losses, totaling $1.12 million. About three months ago, this investor purchased 1.79 million $ENA for $2.12 million and subsequently staked the tokens in Ethena’s staking contract. Same Investor Has Now Installed And Deposited 1.78 Million $ENA Seventeen hours ago, the same investor unstaked the entire amount, depositing 1.78 million $ENA—now valued at approximately $998,000—into Binance. Should he proceed with selling this amount, he will face a substantial loss of $1.12 million, equating to a 52.8% decline on his initial investment. 17 hours ago, wallet 0xb6c8 cut -$1.12M his losses on $ENA. About 3 months ago, he bought 1.79M $ENA for $2.12M and sent it to the Staking contract of #Ethena. 17hrs ago, he unstaked and deposited the entire amount of 1.78M $ENA, worth approximately $998K, to #Binance. If he… pic.twitter.com/eSCqp0LRg3 — iCrypto | Sentiment & On-chain Analysis (@iCryptoAI) June 29, 2024 This significant move by a large investor underscores the challenging market conditions faced by Ethena, contributing to the ongoing bearish sentiment surrounding the token. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news! Image Source: monsitj/123RF Source: https://nulltx.com/ethena-faces-sharp-decline-as-major-investor-prepares-to-exit/
Filed under: News - @ June 30, 2024 4:24 am