Developers May Have Cashed Out Amid ENA’s Sharp Price Drop
June 6, 2025
On-chain data suggests that developers behind the altcoin Ethena (ENA) may have sold a significant portion of their holdings during today's market downturn.
A multisig wallet linked to the Ethena development team transferred 17 million ENA tokens, valued at around $5.68 million, to major centralized exchanges including Binance, Gate.io, and Bybit.
These tokens were released from the project’s smart contract three days ago and appear to be part of a broader $54.56 million token unlock, which increased ENA’s circulating supply by 2.82% today.
ENA’s price saw a sharper drop than many other altcoins, falling roughly 7% over the past 24 hours to $0.29 at the time of writing. While it remains unclear whether the developer transfers directly caused the decline, the timing has raised concerns among investors.
Disclaimer: This article does not constitute investment advice.
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