Spot On Chain indicates a dramatic shift in the Ethena (ENA) ecosystem. A large whale withdrew a whopping 6 million ENA from Binance and immediately staked them, quickly rising to the top tier of ENA stakers. This strategy highlights an increasing pattern of large-scale investments in the ENA contract.
Despite the prevailing market downturn, Ethena has defied the odds, witnessing a notable 10% surge in the past day. Remarkably, this coincides with a substantial influx of 114 million ENA being staked over the last 48 hours, amounting to approximately $165 million. This influx of staked tokens showcases a bullish sentiment within the Ethena community, despite broader market fluctuations.
Moreover, this whale’s strategic move is particularly noteworthy given their previous stake of 8.96 million $USDe just a month ago. Such consistent involvement from significant investors indicates a strong belief in the long-term potential of the Ethena ecosystem.
Analyzing the technical indicators, the RSI (Relative Strength Index) on the 4-hour price chart stands at 64.69, signaling a moderate bullish trend in the short term. Traders may find potential buying opportunities as the price continues its upward trajectory.
Additionally, the KST (Know Sure Thing) indicator reads 213.0537, reflecting robust positive momentum. This suggests a favorable environment for traders considering long positions in ENA.
Consequently, Ethena price currently sits at $1.36 with a 24-hour trading volume of $1,113,455,616. Ethena’s market cap stands at $1,938,521,819, with a circulating supply of 1,425,000,000 ENA coins and a maximum supply of 15,000,000,000 ENA coins. This data paints a picture of a thriving ecosystem, fueled by both investor confidence and significant stakeholder engagement.
Amidst broader market fluctuations, Ethena remains resilient with a notable surge fueled by substantial stake investments. The strategic move by a prominent whale underscores growing confidence in the project’s long-term viability. As technical indicators point towards further bullish momentum, traders may find lucrative opportunities in the $ENA market.
