Ethena Investor Loses More Than $2 Million Amid ENA Price Continuous Decline

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Ethena Investor Loses More Than $2 Million Amid ENA Price Continuous Decline

An Ethena investor has recorded over $2 million in loss from trading the ENA token. The capitulation move by the whale has sparked discussions among market participants about the notable size of loss incurred. As the global crypto market continues to undergo major price corrections, investors’ sentiments begin to shift, with massive liquidations rocking the landscape.

Over the past month, the price of ENA has taken a significant dip, dropping by almost 35%. As a result, its market cap has plunged by more than 5% to $1.22 billion. Additionally, over the last week, the value of ENA has declined by 9.35% according to data from CoinMarketCap. The continuous nosedive underscores the highly volatile nature of the crypto market and a test of resilience for the recently launched project.

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Over $2 Million Loss in ENA as Investor Gives Up Position

Lookonchain, a crypto analytic tool, and a blockchain transaction tracker, reported that the whale sold at a loss of exactly $2.71 million. According to the report, the whale first withdrew 6.01 million ENA (valued at $5.71 million) from the top crypto exchange Binance and staked it on April 5. At the time, the transaction was carried out at an average price of $0.95.

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At the time of market recovery, on April 10, the price of ENA began to rise which led the whale to move another 3.32 million ENA tokens from Binance at an average price of $1.44. The total value of the second transfer was $4.76 million.

However, following this, the price of the token began to fall. As a result, the whale capitulated by unstaking all the ENA tokens on April 25, selling them at a loss. Upon further check, it was revealed that the whale had since deposited 8.33 million ENA (worth $6.94 million) back to the centralized exchange Binance at an average price of $0.83, leaving only 1 million ENA in balance. Ultimately, this resulted in a total loss of $2.71 million.

Ethena (ENA) Price Movements

Meanwhile, Coinstat’s data paints a clear picture of the price movement of ENA. At the time of writing, ENA is currently changing hands at 0.79%, representing a 5.35% drop in the last 24 hours. However, the volume tells a different story. Over the last day, the trading volume associated with ENA has surged by 49.25% to $194.7 million. Consequently, Ethena now has a market valuation of $1.21 billion, making it the 68th-largest cryptocurrency by market cap.

Ethena (ENA) Price Movements

Source: Coinstats

On the technical chart, the MACD (Moving Average Convergence Divergence) indicator for the ENA coin is currently at -0.0165 and is dropping lower. This suggests that the token is in a short-term bearish trend. Furthermore, the potential of the ENA token continuing to go downward is supported by the MACD line moving below the signal line.

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Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.