In the latest move among DeFi token whales, wallet “0x687” has unstaked and transferred 4.96 million $ENA tokens, valued at $6.01 million, to Binance just 40 minutes ago.
The transfer was made at an approximate price of $1.23 per token, sparking speculation about a potential sell-off. .
Profitable Staking Strategy
This whale’s $ENA activity dates back to earlier in 2024, when they withdrew 5.97 million $ENA tokens from Binance between May 10 and December 2. At the time, the average token price was around $0.75, resulting in a total acquisition cost of $4.46 million. These tokens were then staked, possibly to earn additional rewards while waiting for market conditions to improve.
Another whale is offloading #DeFi tokens, and this time it's $ENA!
Whale "0x687" unstaked and deposited 4.96M $ENA ($6.01M) to #Binance at ~$1.23, 40 minutes ago.
The whale withdrew 5.97M $ENA from Binance at ~$0.75 ($4.46M) between May 10 and Dec 2, 2024, for staking.
If… pic.twitter.com/jxy0tWo3rQ
— Spot On Chain (@spotonchain) January 6, 2025
With the current price of $ENA at $1.23, the whale stands to realize a profit of $2.38 million, representing a 64.2% gain, if they choose to sell now. This move demonstrates a calculated strategy of accumulating at lower prices and waiting for the right market opportunity to exit.
Token Unlocks Could Impact Market Dynamics
This activity comes at a time when several crypto projects are scheduled to unlock their tokens this week, including $KAS, $EIGEN, $ENA, $MOVE, $OP, $APT, $IO, and $AXS. These events could lead to increased market volatility as newly unlocked tokens flood the market.
Hotcoin Quick Takes on This Week's Token Unlocks 🔒
Several crypto projects are unlocking their tokens this week, including $KAS, $EIGEN, $ENA, $MOVE, $OP, $APT, $IO, and $AXS
Investors, keep your eyes open 👀 and catch those market waves! 🌊
Hot Coins Trading on Hotcoin… pic.twitter.com/dfopx1wrCH
— Hotcoin (@HotcoinGlobal) January 6, 2025
Investors Should Stay Alert
The $ENA whale’s recent activity highlights the importance of monitoring large transactions, especially during periods of significant token unlocks. Investors would be wise to keep a close eye on the market to seize potential opportunities or mitigate risks as these developments unfold.
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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