A crypto whale has created a new wallet and bought massive amounts of Ethena (ENA) tokens, signaling that a big accumulation of Ethena tokens continues.
Interest in Ethena increases as the ongoing favorable market conditions allow it to provide a yield of up to 29%. This has attracted more investors and traders to its yield-bearing stablecoin.
According to Spot on Chain, a whale created a new wallet yesterday and withdrew 5.29 million ENA tokens from Binance. The trader bought the tokens at an average price of $1.12 (worth $5.29 million) as the crypto’s price saw a decline.
Whales accumulating ENA
On Wednesday, Ethena price was currently down 9.2% in the last 24 hours. The on-chain metric tracker spotted the investor’s activity and highlighted that savvy investors are currently capitalizing on the recent price decline to accumulate more ENA tokens.
The whale bought 5.29 million ENA tokens from Binance and stored them in his private wallet or deposited them for staking. This important action signals the confidence of whales in ENA’s long-term potential.
The buying spree emerging again signals a return of early buyers accumulating the tokens. Especially recently, Ethena’s stablecoin USDe continues to gainer popularity among users. The key to the stablecoin’s success is the yield it provides to investors. The coin provides stakers with a 27% APY (annual percentage yield), which is much ahead of 12.5% on USDS and Dai stablecoins.
ENA price holds steady
Over the past one week, ENA’s price has risen by 16.6%, showing its resilience in the market. The coin has frequently appeared among the top performers since the beginning of the year, capturing the attention of both traders and investors.
Many factors have contributed to its impressive price trajectory. The ongoing favorable market environment makes Ethena (ENA) and broader crypto markets perform well. Donald Trump’s return to the U.S. presidency marked a crucial moment for the global digital asset market.
Big investors have also contributed a key role in ENA’s recent price movement. The crypto has remained resilient backed by several whales accumulating the token. Last week, World Liberty Financial (WLFI), a crypto DeFi project, owned by Donald Trump acquired a staggering 509,955 ENA tokens (worth over $589,000). The DeFi project currently owns tokens including Ether, cbBTC, USDT, USDC, Chainlink, ENA, and AAVE.
Furthermore, its recent airdrop programs aimed at USDe token holders also attracted multiple investors to the Ethena ecosystem. The move highlighted Ethena’s dedication to community engagement and the wider adoption of its yield-earning stablecoin USDe, which has gained enormous interest in the DeFi sector.
Ethena has also remained strong as its ecosystem’s total value locked surged. Latest DeFi Llama data shows that Ethena’s TVL hit over $5.84 billion following the growth of its decentralized stablecoin USDe, becoming the third largest stablecoin following Tether and USDC. USDe’s market cap has risen by over 83% in the past 30 days.
