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Largest Ethena (ENA) Staker Sells $14.1 Million in Tokens, Suffering a $13 Million Loss
ENA, Ethena’s native token, has faced significant selling pressure in recent weeks. After a long period of declining prices, ENA collapsed to $0.73, the lowest price level since May 20.
This, in turn, resulted in huge losses for ENA stakeholders.
Guardaonchain revealed that ENA’s largest stakeholder, who had staked 23.24 million ENA – worth about $17.3 million – withdrew his entire stake on Tuesday. In a surprising move, this whale then sold 19.36 ENA – worth over $14.1 million – at a significant loss.
To put things in perspective, on-chain data also revealed that this investor had initially withdrawn 23.24 million ENA from Binance between April 5 and 10, when the token was trading at around $1.29. However, after the recent fire sale, the investor is currently left with only 3.88 million ENA, worth $2.74 million.
As a result, the entire affair resulted in a loss of over $13 million.
ENA has failed to experience a significant recovery despite its ecosystem constantly growing. According to the latest statistics on DefiLlama, the TVL locked in the Ethena project has trended upward, reaching a staggering $3.44 billion as of June 12.
Additionally, the Ethena ecosystem’s USDe stablecoin has seen impressive growth since its public launch. In its first week alone, its offering reached $400 million before topping $2 billion just two months later.
The meteoric rise required concerns, especially considering the collapse of the ill-fated algorithmic stablecoin, Terra’s UST.