A whale thought to be connected to Ethena Labs transferred approximately 13.94 million ENA tokens (4.66 million dollars) to the Binance exchange.
Large movements of tokens in the cryptocurrency world are always closely monitored by market participants. Recently, according to data shared by SpotOnChain, a whale likely connected to a direct investor or Ethena Labs transferred a significant amount of ENA tokens to the Binance exchange. This movement could have potential effects on the price volatility of the ENA token.
Another notable detail is that these tokens were released from an Ethena Labs contract just 3 days before being transferred to Binance. This situation suggests that the Ethena Labs team or a major investor may intend to cash out their tokens.
Donald Trump's cryptocurrency project WLFI had previously invested in ENA and had entered into a partnership with Ethena Labs.