Large Ethena Token Transfer to Binance Sparks Speculation

Developers allegedly dumped Ethena (ENA) altcoin by transferring 15 million tokens to Binance, valued at $9.64 million, sparking speculation about the move. ENA's price has dropped 56% from its all-time high. The transaction was conducted on the Ethereum network after a long period of inactivity. The wallet still holds 360 million ENA tokens, or approximately $237.6 million.

Developers of Ethena (ENA) have allegedly transferred 15 million ENA tokens to Binance, valued at approximately $9.64 million, according to on-chain data. This significant transaction was conducted on the Ethereum network after a period of inactivity, with the wallet linked to Ethena not making any transactions for nearly 400 days [1].

The transaction has sparked speculation within the cryptocurrency community, with some suggesting that the developers are capitalizing on the recent surge in ENA's price. Despite this, ENA's price has dropped by 56% from its all-time high of $1.52, set a year ago. The wallet still holds 360 million ENA tokens, with an approximate market value of $237.6 million [1].

The market for ENA has experienced heightened volatility in recent days. A total of 140 million ENA tokens have been removed from exchanges over the past four days, coinciding with a broader bearish trend for ENA, which has fallen nearly 17% in the last week. The token's proximity to the key support level at $0.61–$0.60 has drawn attention from traders and analysts as a crucial indicator of its near-term direction [2].

Whale activity and a 2.93 long/short ratio on Binance suggest growing institutional confidence in ENA’s long-term potential despite short-term weakness. The immediate outlook for ENA hinges on whether the $0.61 support level holds. If successful, bulls could see a short-term recovery toward $0.85, with the potential to retest the all-time high near $1.32 later in the year. Conversely, a failure to hold this level could lead to a deeper correction toward the $0.51–$0.53 range [2].

The broader market for ENA is influenced by its underlying fundamentals, including its role in the Ethena DeFi protocol and its synthetic dollar (USDe) system. These structural features, along with potential staking rewards, continue to attract investor interest despite the recent downturn. However, macroeconomic developments, particularly U.S. monetary policy, are likely to play a decisive role in shaping ENA’s next move [2].

References:
[1] https://en.bitcoinsistemi.com/developers-allegedly-dumped-this-altcoin-transferred-a-large-amount-of-tokens-to-binance/
[2] https://www.ainvest.com/news/bulls-battle-save-0-61-ena-drifts-critical-support-abyss-2508/