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. .
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.
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.
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.
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.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: itchaznong/123RF // Image Effects by Colorcinch
Core Foundation has just announced a new partnership with Z Protocol, and it’s already getting…
Binance Wallet is quietly stepping into one of crypto’s fastest-growing sectors, prediction markets. According to…
As concerns around quantum computing and crypto security continue to build, Changpeng Zhao is stepping…
Bitmine Immersion Technologies, led by Tom Lee, is continuing to build aggressively on its Ethereum…
Something interesting just played out within the Ethereum space, and it didn’t take long before…
It’s becoming more obvious by the day that Ethereum is not slowing down anytime soon,…