The Ethena (ENA) market is steaming up with activity after a whale attracted attention by withdrawing millions of ENA tokens from an exchange. The market activity, spotted by Onchain Lens, has sent a positive sentiment in the crypto community.
According to the blockchain analytics platform, a whale has today withdrawn 9 million ENA tokens worth $9.77 million from Binance and staked them into Ethena. In total, the trader has staked 15.65 million ENA tokens, currently worth $16.94 million on Ethena.
A whale has withdrawn 9M $ENA worth $9.77M from #Binance and staked it into #Ethena.
In total, the whale has staked 15.69M $ENA, currently worth $16.94M, on #Ethena.
Wallet: 0x8f9f8fa50bb7d63cff00714f7129c6c1f85f55a0 pic.twitter.com/S3wmdN5Cnz
— Onchain Lens (@OnchainLens) December 23, 2024
The trader moves to Ethena staking
The trader’s move was not just a withdrawal activity, but a movement to supercharge his Ethane holdings into the DeFI sector. After withdrawing a staggering 9 million ENA tokens on Binance, the trader converted all of them into USDe, a special synthetic dollar coin representing staked Ethena that earns interest.
Ethena staked USDe has turned into a key to unlocking advanced opportunities. Users get yields worth 27% APY by staking their USDe. By depositing his USDe on the Ethena staking platform, the trader earns staking rewards based on his holdings.
Through this way, Ethane is more than just price movements, highlighting the rising significance of DeFi in the crypto space. Platforms like Ethena are optimizing investors’ experience with advanced investment tools, removing the boundaries between the decentralized landscape and traditional finance.
This together with the strategic moves by smart players like whales, Ethena positions itself as a potential money-generating station in the advancing financial ecosystem. It is not just a mere speculative asset.
Ethena price performance amid market decline
The whale’s market activity encouraged investors and traders to let their ENA tokens do the work for them. This bullish sentiment is in line with the whales’ activities, bringing attention to Ethena’s potential.
The crypto markets experienced a downtrend today as Ethena recorded a 15.8% price decline in the last seven days. This decrease coincides with a general slump in the global digital asset markets, which are down 12.30% currently.
ENA’s trading volume is also down 12%, indicating a recent drop in market activity. In the past few days, whales aggressively accumulated the tokens to reposition their investment portfolios. Recently, a DeFi project (WLFI) associated with President Donald Trump acquired thousands of ENA tokens worth $250,000 USDC, showcasing Ethena’s capability.
Despite the ongoing market correction, ENA price has doubled, driven by the growing adoption of Ethena’s decentralized stablecoin USDe. Recently, the USDe ecosystem reached a breakthrough, with its market cap transcending $6 billion.
USDe’s quick growth has made it become the third-biggest stablecoin, surpassing DAI, now following USDC and Tether. This accomplishment highlights expanding market confidence in Ethena’s decentralized stablecoin.
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