Onchain data has been obtained indicating that developers are likely selling a large amount of a surprise altcoin.
Data has revealed that a multisig wallet belonging to Ethena (ENA) developers transferred 17 million ENA tokens worth $5.68 million to centralized cryptocurrency exchanges such as Binance, Gate, and Bybit.
These tokens were released from the smart contract 3 days ago by Ethena Labs, the developer behind ENA, and may be part of the $54.56 million token unlock that was unlocked today, increasing the circulating ENA supply by 2.82%.
The ENA price witnessed a deep correction today, as did many other altcoins. While it is not known whether the developer wallet played a role in this decline, the rate of decline in ENA was recorded as slightly higher than other comparable altcoins.
At the time of writing, ENA is trading at $0.29 and is down approximately 7% over the last 24 hours.
*This is not investment advice.
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