In the past 24 hours, the price of Ethena ($ENA) has experienced a significant surge, surpassing the $1 milestone and climbing over 11% to reach an all-time high of $1.341.
Recent on-chain reports suggest a growing trend of whale accumulation of the token, indicating heightened investor interest. Whale 0x4f6 made headlines by withdrawing a substantial amount of 2.65 million $ENA, valued at $2.98 million, from Bybit at an approximate price of $1.13 over the past weekend.
The $ENA price has risen above $1 again in the last 24 hours!
Whale 0x4f6 withdrew 2.65M $ENA ($2.98M) from #Bybit at ~$1.13 in the past 20 hours, reportedly initiating the first $ENA trade.
Previously, this whale traded 7 other tokens on Bybit, including $ENS, $CYBER, $LINK,… pic.twitter.com/fYT73oVNvC
— Spot On Chain (@spotonchain) April 7, 2024
This transaction marks the initiation of the whale’s first $ENA trade. Notably, this particular whale has previously engaged in trading seven other tokens on Bybit, including $ENS, $CYBER, $LINK, $FTM, $SAND, $MANA, and $AEVO, accruing an estimated total profit of $347K with an impressive win rate of 71.4%.
$ENA Whales Accumulate And Proceeds To Stake It
Further insights from Lookonchain reveal a pattern of whales withdrawing $ENA from exchanges and opting to stake it, particularly in response to the Ethena Season 2 staking rewards program. Notably, three whales withdrew a combined total of 11.9 million $ENA, valued at $15.23 million, from Binance and proceeded to stake it.
Whales are withdrawing $ENA from exchanges and staking it due to the #Ethena Season 2 staking rewards.
3 whales withdrew 11.9M $ENA($15.23M) from #Binance and staked it.https://t.co/3UrErMJ2R3https://t.co/8ZPz0U8U8Fhttps://t.co/AAwOJLz8qk pic.twitter.com/NbMdbF5xdO
— Lookonchain (@lookonchain) April 8, 2024
In response to this increased interest and participation from the community, Ethena Labs introduced $ENA into Season 2 with the aim of closely aligning the growth of USDe with $ENA.
As part of the staking rewards program, users who lock $ENA at a minimum of 50% of their total USDe holdings per wallet stand to benefit from a 50% increase in their rewards, along with enjoying the highest number of rewards per day compared to any other pool.
Today we introduce $ENA into Season 2 in order to more closely align the growth in USDe with $ENA
Users who lock $ENA at a minimum of 50% of their total USDe holdings per wallet will receive
i) 50% increase in their rewards
ii) the highest number of rewards per day of any pool pic.twitter.com/zxVmpGZSN6— Ethena Labs (@ethena_labs) April 8, 2024
The surge in Ethena’s price coupled with the strategic moves by whales and the introduction of the Season 2 staking rewards program underscores the growing momentum and investor confidence in the Ethena ecosystem.
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: alexandarilich/123RF // Image Effects by Colorcinch
