Ethena, the emerging cryptocurrency, is making strides towards reclaiming the $1 trading mark, experiencing a notable 13% gain today and currently trading at $0.89.

This upward movement comes amidst intriguing developments involving whale activity and strategic maneuvers within the market.

According to on-chain reports, a significant whale, identified as 0x5ab, has made a noteworthy withdrawal of ENA tokens from Binance for the first time.

This whale withdrew a substantial 6.263 million ENA, valued at $5.31 million, at an average price of $0.848. This action marks the beginning of the whale’s accumulation of ENA tokens, signaling potential confidence in the project’s future prospects.

In the past hour, whale 0x5ab withdrew 6.26M $ENA ($5.31M) from #Binance at ~$0.848 for the first time.

Before ENA, the whale had only accumulated $ETH and currently stakes 2,000 $ETH (now $6.26M) with Pendle Finance at an unrealized loss of $584K (-8.5%).

The $ENA price has… pic.twitter.com/BcIvd5PAEG

— Spot On Chain (@spotonchain) May 6, 2024

Prior to accumulating ENA, the same whale executed withdrawals of 2,250 ETH from Binance at an average price of $3,454 on March 15th and April 10th, 2024. These tokens were subsequently staked with Renzo Protocol, resulting in a current loss of $710k (-9.14%).

Two Other Ethena Whale Wallets Withdraws Huge ENA Tokens 

In addition to individual whale activity, two other whales made significant withdrawals of 9.82 million ENA tokens, totaling $9.08 million, from Binance and Gateio today. These tokens were then deposited into Pendle and Ethena, highlighting ongoing interest and investment in these projects.

2 whales withdrew 9.82M $ENA($9.08M) from #Binance and #Gateio, today, then deposited it into #Pendle and #Ethena.https://t.co/mvNKnCrBq4https://t.co/I7XGwXSP2v pic.twitter.com/tZ3SURwfum

— Lookonchain (@lookonchain) May 6, 2024

As Ethena continues its upward trajectory and aims to reach the $1 mark, market participants are closely monitoring whale activity and strategic moves within the ecosystem.

The influx of capital and renewed investor interest underscore the potential for further growth and development in the cryptocurrency market.

As the landscape evolves, investors remain vigilant, anticipating further market movements and opportunities for profit.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: alexandarilich/123RF // Image Effects by Colorcinch

The post Ethena Makes Strides Toward $1 Amid Whale Activity And Market Resurgence appeared first on The Merkle News.

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Filed under: Bitcoin - @ May 8, 2024 8:20 am