Altcoin Price Continues Four-Fold Surge Fueled by Whale Support

ENA, the native token of blockchain development company Ethena Labs, has continued its upward trajectory, fueled by large-scale transactions from cryptocurrency whales.

According to data from blockchain analytics platform Spot On Chain, two whales withdrew a total of approximately 8.6 million ENA from Binance this morning at an average price of $1.377 per token.

The whales then proceeded to stake these tokens, locking them up in a smart contract to earn rewards. In the past 24 hours, whales have withdrawn a total of over 17 million ENA from Binance for staking purposes.

Ethena Labs recently announced a 50% increase in rewards for certain users who stake their tokens as part of the launch of “Season 2.” According to TradingView data, ENA has gained over 330% in value over the past week.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.