Major sales of ENA token by whales on Binance have significantly lowered its price, raising concerns in the crypto market.
Whale Sales Influence the Market
As of December 26, substantial sales of ENA tokens, amounting to approximately 3.36 million and valued around $3.17 million, were recorded. These actions led to a 10% decline in the token's price, now trading at $0.92.
Investor Panic
According to Lookonchain data, the addresses of the whales selling ENA tokens were identified on Etherscan. These activities have heightened fears among investors about further potential price decline as the token fluctuated within $0.92-$1.04 range throughout the day.
Ethena’s Future: New Partnerships
Despite the decline, there is room for optimism. The Ethena team has garnered attention through its partnership with Donald Trump's World Liberty Financial (WLFI). This allows Ethena's sUSDe stablecoin to be used as collateral on WLFI's new Aave-based lending and borrowing platform.
Whale sales impact continues to cause market fluctuations, but Ethena’s prospective partnerships offer hope for recovery and price increases.
