ENA – the native token of Athena – has faced significant selling pressure in recent weeks. After a long period of falling prices, ENA fell to $0.73, marking its weakest price level since May 20.
This in turn has led to huge losses for ENA participants.
Loconchine open The largest investor in ENA, who bet 23.24 million ENA – worth about $17.3 million – canceled his entire holding on Tuesday. In a surprise move, this whale then sold 19.36 ENA – worth over $14.1 million – at a huge loss.
To put things into perspective, the on-chain data also revealed that this investor initially withdrew 23.24 million ENA from Binance between April 5 and April 10, when the token was trading at around $1.29. However, after the recent sell-off, the investor is currently left with only 3.88 million ENA – worth $2.74 million.
As a result, the whole ordeal translated into a loss of more than $13 million.
ENA has failed to achieve a meaningful recovery despite its ecosystem growing steadily. According to another statistics At DefiLlama, the TVL locked in the Ethena project has been on an upward trend, reaching a staggering $3.44 billion as of June 12.
Furthermore, the Ethena ecosystem’s USDe stablecoin has seen impressive growth since its public launch. In the first week alone, supply reached $400 million before eventually exceeding $2 billion after just two months.
The rapid rise has raised concerns, especially given the collapse of the ill-fated algorithmic stablecoin, Terra's UST.
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