The synthetic dollar protocol Ethena set off waves of concerns among crypto market participants recently, witnessing a waning action amid massive whale selloffs. On-chain data on Thursday revealed that whales heavily offloaded millions of tokens, raising investor apprehensiveness amid a 10% crash in ENA price. As a result, crypto enthusiasts are now extensively eyeing the coin for future price action shifts in the wake of the market’s latest volatility.
ENA Price At Risk? Whales Dump Heavily Raising Concerns
According to the data by Lookonchain, as of December 26, a couple of whales unstaked 3.36 million ENA, worth $3.17 million, and dumped it to the crypto exchange giant Binance. Per the data, the massive dump emerged amid the recent market drop, underscoring signs of panic selling. Notably, these whale addresses were identified as 0x886b.. and 0xbB22.., per Etherscan data.
Overall, the massive dumps amid the market’s recent drop indicate traders showcase a low-risk appetite, mitigating losses with selloffs. Meanwhile, another saga has added to concerns surrounding the asset’s market standing. CoinGape reported that BitMEX’s Arthur Hayes recently sent 7 million ENA to Binance after unstaking it. This exchange dump further raises market concerns as crypto is currently witnessing a slumping action.
How is Ethena Performing?
At the time of reporting, ENA price cracked nearly 10% intraday and is currently trading at $0.9189. Its 24-hour low and high were $0.9219 and $1.04, respectively. Notably, the current waning trajectory falls in line with the broader crypto market trend and the abovementioned Ethena whale dumps.
Nevertheless, it’s also noteworthy that the token’s monthly chart indicated gains worth 48%. This rising action mirrors soaring market optimism as the crypto’s team recently announced a partnership with Trump’s World Liberty Financial (WLFI). As a result, a governance proposal has been submitted to integrate Ethena’s sUSDe stablecoin as a core collateral asset in WLFI’s upcoming Aave-based lending and borrowing platform.
Given that the market recovers ahead, ENA price could witness a substantial upward movement in light of its partnership with WLFI. With Trump’s reelection to the White House, broader market sentiments over the sector’s future are already bullish, whereas Ethena remains poised to leverage the opportunity further.
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