Anonymous Whale Pulls $24M ENA Token From Binance: Here’s Why

• Whale “0xbba” withdraws $24.44 million worth of ENA from Binance in multiple transactions.
• Simultaneously, the whale engages in staking activities with Ethena Labs.
• ENA price stands strong amid the market dip, with over $165 million in tokens staked recently.

ENA, the recently launched governance token of decentralized protocol Ethena Labs , continues to gain the attention of crypto market participants, including the most influential investors in the crypto scene.

Recently, crypto surveillance platform Spot On Chain spotted a whale with wallet initials “0xbba” withdrawing 11.17 million ENA tokens from Binance. Per the disclosure, the transaction occurred in several bits within the last 48 hours. At the time of Spot On Chain’s update, the whale had withdrawn 11.17 million ENA tokens valued at $15.95 million.

Bullish whale 0xbba has withdrawn 11.17M $ENA ($15.95M) from #Binance at ~$1.43 in the past 34 hours!

Notably, the whale has already staked 5.59M $ENA with @ethena_labs , now the 4th-largest staker. If staking the rest of the tokens now, the whale will become the largest staker… pic.twitter.com/XGmovTus5e

— Spot On Chain (@spotonchain) April 12, 2024

However, updated records show the anonymous whale has conducted more transactions. Specifically, the investor has moved out 5,576,000 ENA tokens in two transactions valued at over $8.197 million from Binance.

Effectively, the anonymous whale has withdrawn over 16.74 million ENA tokens worth $24.44 million at press time from the exchange. Meanwhile, the surveillance platform disclosed that the whale simultaneously engaged in staking activities following the withdrawal.

A whale spent 896 $ETH ($3.14M) to buy 2.19M $ENA at $1.43 in the past 18 hours.

This whale may be Tokka Labs (Altonomy). https://t.co/7yS4M0xxqE pic.twitter.com/UprFelseBh

— Lookonchain (@lookonchain) April 12, 2024

Per the revelation, the wallet has already staked 5.59 million ENA in Ethena Labs. This move has elevated the whale to the fourth largest staker within the ENA ecosystem.

However, with the ongoing withdrawal and the possibility of staking the remaining tokens, Spot On Chain suggested that the anonymous wallet could ascend to the position of the largest staker within the ENA contract.

Meanwhile, the whale “0xbba” is not the only influential investor that has withdrawn ENA tokens from Binance and staked them. In an earlier update, Spot On Chain spotted another wallet that transferred over $8.5 million in ENA and staked it all.

Market tracker Lookonchain has similarly uncovered a wallet that exchanged $3.14 in Ethereum tokens for ENA. These heightened transactions around ENA have bolstered the token’s resilience amid the broader dip in the market.

Spot On Chain remarked that despite the broader market downturn, ENA recorded a remarkable 10% in one day. The platform added that the surge coincides with ENA tokens worth over $165 million staked within the past few days.

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