š Ethena Whale Stakes 9 Million $ENA Tokens, Triggers DeFi Frenzy
The Ethena (ENA) market is steaming up with activity after a whale attracted attention by withdrawing millions of ENA tokens from an exchange. The market activity, spotted by Onchain Lens, has sent a positive sentiment in the crypto community.
According to the blockchain analytics platform, a whale has today withdrawn 9 million ENA tokens worth $9.77 million from Binance and staked them into Ethena. In total, the trader has staked 15.65 million ENA tokens, currently worth $16.94 million on Ethena.
A whale has withdrawn 9M #ENA worth $9.77M from #Binance and staked it into #Ethena.In total, the whale has staked 15.69M $ENA, currently worth $16.94M, on #Ethena.Wallet:zā Onchain Lens (@OnchainLens) December 23, 2024
The trader moves to Ethena staking
The traderās move was not just a withdrawal activity, but a movement to supercharge his Ethane holdings into the DeFI sector. After withdrawing a staggering 9 million ENA tokens on Binance, the trader converted all of them into USDe, a special synthetic dollar coin representing staked Ethena that earns interest.
Ethena staked USDe has turned into a key to unlocking advanced opportunities. Users get yields worth 27% APY by staking their USDe. By depositing his USDe on the Ethena staking platform, the trader earns staking rewards based on his holdings.
Through this way, Ethane is more than just price movements, highlighting the rising significance of DeFi in the crypto space. Platforms like Ethena are optimizing investorsā experience with advanced investment tools, removing the boundaries between the decentralized landscape and traditional finance.
This together with the strategic moves by smart players like whales, #Ethena positions itself as a potential money-generating station in the advancing financial ecosystem. It is not just a mere speculative asset.
Ethena price performance amid market decline
The whaleās market activity encouraged investors and traders to let their ENA tokens do the work for them.
