The crypto market has been abuzz with activity as two whales, identified as 0xd38 and 0x29f, withdrew a combined 8.592 million ENA tokens ($11.83 million) from Binance and staked them in the “Ethena: LP Staking” contract within a span of 15 minutes.
This significant move comes on the heels of Ethena Labs introducing Season 2, which allows ENA stakers to earn additional tokens as rewards.
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Whale 0xd38’s Activity
Whale 0xd38, with the address 0xd380ab76b42254992622b7272335d1bb37667246, withdrew 4.5 million ENA tokens ($6.18 million) at an average price of $1.373. Interestingly, this whale had previously claimed 2.085 million ENA from project-related wallets at an average price of $0.68 ($1.42 million) on April 2 and 4, 2024. Shortly after receiving these tokens, the whale deposited them to Binance at an average price of $0.654 ($1.36 million).
Whale 0x29f’s First-Time Withdrawal
Whale 0x29f, with the address 0x29fec057b86ef46d240bd271837369f5715335ef, withdrew 4.092 million ENA tokens ($5.65 million) from Binance at an average price of $1.379. This marks the first time Whale 0x29f has made such a significant withdrawal.
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Show more +ENA Price Surge
Following the introduction of Ethena Labs’ Season 2, which incentivizes ENA staking with additional token rewards, the ENA price has experienced a remarkable 21.46% increase in the past 24 hours.
The increased demand for ENA tokens, as more investors seek to participate in the staking program and benefit from the added rewards, is responsible for this price surge.
Ethena Labs’ Season 2
Ethena Labs’ Season 2 has been a catalyst for the recent whale activity and price surge in the ENA token. By offering additional token rewards to those who stake their ENA, Ethena Labs has created a strong incentive for investors to hold and stake their tokens, thus reducing the circulating supply and driving up the price.
The introduction of Season 2 demonstrates Ethena Labs’ commitment to creating value for its token holders and fostering a vibrant ecosystem around the ENA token. As more investors participate in the staking program, the increased demand and reduced supply of ENA tokens are likely to support further price appreciation.
The recent whale activity, involving the withdrawal and staking of 8.592 million ENA tokens ($11.83 million), has significantly impacted the ENA token price, resulting in a 21.46% surge in the past 24 hours. Ethena Labs’ Season 2 launch, which has created a strong incentive for investors to stake their ENA tokens and earn additional rewards, is largely responsible for this activity.
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