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. 

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.

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.

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.

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