The Sandbox

Arthur

Ethena

Ethereum Name Service

Spot

<div class="finbold">
 <p class="paragraph">The cryptocurrency space continues to witness the introduction of new projects, with some immediately capturing market attention.&nbsp;</p>
 <p class="paragraph">Among these is Ethena (ENA), a synthetic dollar protocol supported by Arthur Hayes, co-founder of the BitMEX <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> exchange. As evidenced by its price trajectory, ENA has garnered significant interest in the short term, emerging among the best-performing assets.&nbsp;</p>
 <p class="paragraph">Despite concerns surrounding the sustainability of ENA’s rally, the token is also attracting interest from whales. Particularly, data shared by <em>Spot on Chain</em> in an X (formerly Twitter) post on April 7 indicated that a crypto whale made a substantial investment in ENA, purchasing nearly $3 million worth of the digital asset.</p>
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 <p class="paragraph">Under the transaction, the <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a> withdrew a staggering 2.65 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> ENA <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>s, equivalent to $2.98 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a>, from the Bybit <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> exchange at an approximate price of $1.13. This transaction marks the <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a>’s first trade involving ENA.</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="680" height="416" src="https://cdn.thebittimes.com/images/2024/04/08/945c27574bcbbcca5f48fd54734cfd6a.webp" alt class="wp-image-167168" srcset="https://cdn.thebittimes.com/images/2024/04/08/945c27574bcbbcca5f48fd54734cfd6a.webp 680w, https://cdn.thebittimes.com/images/2024/04/08/945c27574bcbbcca5f48fd54734cfd6a.webp 300w" sizes="(max-width: 680px) 100vw, 680px">
  <figcaption class="wp-element-caption"><em>ENA whale transactions. Source: Spot on Chain</em>
  </figcaption>
 </figure>
 <p class="paragraph">Before this transaction, the unidentified investor was an active trader on Bybit, engaging in trades involving various tokens such as Chainlink (LINK), Ethereum Name Service price (ENS), CyberConnect (CYBER), Fantom (FTM), The Sandbox (SAND), Decentraland (MANA), and Aevo (AEVO). Following the trades, the whale made an estimated total profit of $347,000 and a win rate of 71.4%.</p>
 <h2 class="wp-block-heading" id="h-implication-of-ena-whale-activity-nbsp">Implication of ENA whale activity&nbsp;</h2>
 <p class="paragraph">It’s worth noting that the <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a> investment in ENA could signal the state of the network. Typically, when <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a>s invest in a <a rel="noopener noreferrer nofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a>, their large transactions can immediately influence prices, signaling market sentiment and affecting liquidity while pointing to possible bullish sentiments.</p>
 <p class="paragraph">Unfortunately, some individuals may exploit price movements for personal gain, potentially harming smaller investors and market integrity. At the same time, ENA’s true market value is yet to be established, warranting caution regarding current market sentiments.</p>
 <p class="paragraph">Overall, ENA has gained traction in the market following its recent distribution of governance <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>s through an airdrop to users. The <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a> surpassing the $1 mark remains crucial to the sustainability of its rally, which saw ENA gain almost 80% in a week to trade at $1.22 by press time.&nbsp;</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="1012" height="560" src="https://cdn.thebittimes.com/images/2024/04/08/de65694861c5d10bd5819f00e7bb5c77.webp" alt class="wp-image-167169" srcset="https://cdn.thebittimes.com/images/2024/04/08/de65694861c5d10bd5819f00e7bb5c77.webp 1012w, https://cdn.thebittimes.com/images/2024/04/08/de65694861c5d10bd5819f00e7bb5c77.webp 300w, https://cdn.thebittimes.com/images/2024/04/08/de65694861c5d10bd5819f00e7bb5c77.webp 768w" sizes="(max-width: 1012px) 100vw, 1012px">
  <figcaption class="wp-element-caption"><em>ENA seven-day price chart. Source: CoinMarketCap</em>
  </figcaption>
 </figure>
 <p class="paragraph">Despite the rally, concerns persist that ENA’s surge could be short-lived. Industry players like Andre Cronje, the creator of Fantom, warn that the token could potentially face the same fate as the collapsed Terra ecosystem.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/profitable-cryptocurrency-whale-buys-3-million-of-this-token-tbt84741.html">https://thebittimes.com/profitable-cryptocurrency-whale-buys-3-million-of-this-token-tbt84741.html</a></p>

Profitable cryptocurrency whale buys $3 million of this token

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