Ethena Token (ENA) is in the spotlight! In the last week, the price of ENA has skyrocketed by 47%, and it is currently trading around US$0.4053. This increase has placed ENA at 46th rank based on market capitalization, with a daily trading volume reaching US$278 million — a striking figure for a new asset!
What Caused the Increase?
One of the main factors behind this price surge is the activity of a wallet suspected to belong to a large investment firm, Arca. The wallet was recorded receiving 9.05 million ENA tokens worth about US$3.64 million from the Flowdesk platform.
Interestingly, according to a report from Spot On Chain, the same wallet had previously traded ENA twice and managed to secure a profit of US$1.46 million (with a return of about 14.6%). This fact has sparked speculation that institutional investors are beginning to take ENA seriously.
Why Is This Important?
Institutional wallet movements often serve as an early indicator of potential medium to long-term increases. If major players start accumulating, it could be because they see promising fundamentals or long-term growth potential.
For retail investors, this could be an important signal — but of course, it is still necessary to Do Your Own Research (DYOR) and understand the risks.
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Note: This is not financial advice. Always do your own research before making investment decisions.
Not Financial Advice (NFA). Do Your Own Research (DYOR).