Whales Lose Millions as ENA Price Plummets

Whales Lose Millions as ENA Price Plummets

Whales are facing significant losses as they unload substantial amounts of ENA tokens, a cryptocurrency that has witnessed a sharp decline in value. Recent on-chain analysis by AmberCN reveals a substantial deposit of 19.36 million ENA, valued at approximately $14.11 million, into Binance by a specific whale address. Notably, this whale currently holds 3.879 million ENA, which if sold at the current price, would result in a loss of roughly $13.15 million. The analysis suggests that the whale may have been attempting to sell the deposited ENA at a loss. This move follows a recent withdrawal of 23.239 million ENA (valued at approximately $30 million) from Binance between April 10 and 15, at an average price of $1.29. The withdrawn funds were subsequently staked, but the whale has recently started unstaking and depositing back into Binance. If the whale decides to sell their remaining ENA holdings, they could face a significant financial loss. Estimates suggest that their ROI could be as low as -44%, highlighting the risks associated with investing in volatile cryptocurrencies. As the ENA price continues to drop, it remains to be seen whether other whales will follow suit and sell their holdings. The situation serves as a reminder of the inherent volatility of the cryptocurrency market, where significant gains can be quickly erased by sudden price swings.