ENA Token Slides 2.33% After 15 Million Transfer Sparks Short-Term Selling Pressure

Ethena (ENAUSDT) experienced a 2.33% price decline over the past 24 hours, with the current price at $0.6460 and a 24-hour open of $0.6614. The recent price drop is primarily attributed to a significant transfer of 15 million ENA tokens from an Ethena-linked wallet to Binance, which marked the first outbound transaction from this address and may have increased short-term selling pressure. Additional factors include ongoing market volatility, mixed trader sentiment, and technical patterns such as a bearish engulfing formation observed earlier in the week. Despite the recent dip, Ethena maintains strong trading activity with a 24-hour volume of $186.17 million on Binance and a market capitalization of approximately $4.27 billion, ranking #41 by market cap.