ENA, Ethena’s native token – a synthetic dollar protocol based on Ethereum – was the largest loser on the market in the last 24 hours. Altcoin is quoted at $ 0.42, falling more than 10% during this period.
The price drop occurs when one of ENA’s largest stakers removes all of its appearances and sends them to EXCHANGE DE CRYT BINANCE.
Whale Da ENA triggers MASSIVE SALE
During the early hours of Asian negotiation yesterday (11), an important Ethena whale, identified as the 0x8F9 wallet, removed all its participation of 17.875 million from ENA (valued at US $ 8.78 million) and deposited it at Binance.
According to the on-chain investigator Spotonchainthis whale accumulated ENA at an average purchase price of $ 1.167, especially during price peaks. With Altcoin currently quoted at $ 0.43, selling at this level would result in a significant loss to the whale.
When whales transfer large amounts of their tokens to exchange, this signals a possible sale, increasing market supply and reducing prices. This can trigger a feeling of low between traders, leading to greater volatility and more price falls.
The negative financing rate that currently accompanies ENA reflects this feeling of low. According to Coinglass, this is -0.012%.
Financing fees are periodic payments between long and short traders in perpetual future contracts. They ensure that the price of the asset contract is aligned with its cash price.
When an asset financing rate becomes negative, it indicates that short positions are dominant. This means that traders are paying to keep short positions, which can signal a strong feeling of low, but also increase the risk of shorts if the feeling changes.
ENA Price Perspective
Ena is currently quoted to a three -month low of $ 0.42, facing increasing sales pressure. If the 0x8f9 whale unloads its 17.875 million from ENA at Binance, the lack of sufficient demand on the purchase can take the price even lower, potentially breaking below $ 0.41 and sliding towards $ 0.31 .
However, an increase in the general demand for ENA could absorb sales pressure, contrary to the possible exit of the whale. In an optimistic scenario, the increase in the purchase impetus could raise the price of the token to $ 0.51.
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