Ethena Experiences Surge in Whale Activity and Staking Amid Bullish Trend: Future Outlook for ENA’s Price
Ethena (ENA), a new cryptocurrency project, is capturing significant attention from large investors, known as whales, as its price continues an upward trajectory. According to on-chain data analysis, whales have been actively accumulating and staking ENA tokens, signaling a bullish sentiment toward the project.
The catalyst for this increased whale activity appears to be the launch of Ethena’s Season 2 staking rewards program. As reported by Lookonchain, a blockchain analytics platform, since the program’s launch, 10 wallets have withdrawn more than 1 million ENA tokens (worth approximately $51 million at the time) from exchanges and staked them to earn rewards.
One particularly notable transaction came from a whale who withdrew 6 million ENA tokens (valued at around $8.58 million) from the Binance exchange and immediately staked them, becoming one of the top stakers within the Ethena contract. Spot On Chain, another on-chain analytics firm, highlighted that this same whale had previously staked 8.96 million USDe tokens (a different cryptocurrency) just a month ago, demonstrating a strong commitment to staking activities.
The surge in staking activity coincides with a remarkable 10% price increase for ENA over the past day, defying the broader market downturn. In total, approximately 114 million ENA tokens (worth around $165 million) have been staked over the last two days, indicating a significant influx of capital into the Ethena ecosystem.
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Show more +Staking refers to the process of locking up cryptocurrency tokens to support the network’s operations and earn rewards in return. It is a popular way for investors to generate passive income while contributing to the security and decentralization of blockchain networks.
While the bullish trend for ENA seems evident, one analyst, Zambo_001, suggests that the price may experience a retest or consolidation before continuing its upward move. According to their chart analysis, ENA could potentially retrace back to around $1 before surging to $1.8. At the time of writing, the price of ENA stands at $1.4.
The influx of whale activity and staking participation highlights the growing interest and confidence in the Ethena project among large investors. As the project continues to roll out new features and incentives, the broader cryptocurrency community will be closely watching to see if this bullish trend can be sustained in the face of market volatility.
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