The post Whale Dumps 18M ENA – Could this mean $CHOW and SHIB will pump? appeared on BitcoinEthereumNews.com.

A massive whale just made what could be one of the biggest crypto moves this quarter, unstaking and moving 18 million Ethena (ENA) tokens to Binance. The transaction, worth roughly $8.78 million, has stirred speculation about a potential sell-off and its impact on ENA’s price. As the market reacts, investors are now eyeing meme coins like Shiba Inu (SHIB) and ChowWow ($CHOW) for their next big move. This kind of whale activity often shakes investor confidence, but it also creates opportunities. With ENA dropping over 10% in just 24 hours, traders are shifting focus to high-potential altcoins with strong community backing and high growth potential. Could this catalyst send SHIB and $CHOW soaring in the coming weeks? Ethena (ENA) Whale Move Kick-starts Bearish Sentiment Ethena has been at the mercy of market volatility, and saw a significant 10% drop recently. This sharp decline came after a whale unstaked and transferred 17.875 million ENA—worth over $8.78 million—to Binance. With ENA already struggling to fìnd strong buy-side support, this move has increased bearish sentiment and fueled concerns that more declines are possible. On-chain data shows that the whale in question, identifìed as wallet 0x8f9, had accumulated ENA at an average price of $1.167, mostly during price peaks. If the whale decides to fully exit at current levels, it would lock in a massive loss. ENA’s funding rate has also turned negative, suggesting that futures traders are leaning bearish and expecting further bear prices. Without a surge in demand to counter this massive inflow of tokens onto Binance, the altcoin risks slipping below $0.41, with a worst-case scenario at $0.31. Shiba Inu (SHIB) Holders Expect Bullish Prices Soon Shiba Inu has had its share of troubling market performance, experiencing a mix of gains and losses in recent weeks. While its price has climbed…

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Filed under: News - @ February 16, 2025 7:21 pm