Whale sells $6.01M in ENA tokens for 64.2% profit

A whale investor, identified as "0x687," has executed a massive ENA (CRYPTO:ENA) token sale, netting a $2.38 million profit.

The sale, which took place on Binance, saw the whale offload 4.96 million ENA tokens at an average price of $1.23 per token, totaling $6.01 million.

This move resulted in a 64.2% profit, highlighting the whale’s successful strategy of adapting to market conditions.

The whale had originally invested in ENA on May 10, 2024, buying 5.97 million tokens at an average price of $0.75 per token.

Over 206 days, the whale accumulated a total investment of $4.46 million.

Instead of trading, the whale opted to stake their coins, capitalising on the increase in ENA’s value over time.

The realised profit from the sale amounted to $2.38 million, equaling approximately 63.93% of the whale’s initial investment.

Additionally, the whale still holds ENA tokens valued at around $464,353, showing a balanced approach to investment and risk management.

Despite the significant sell-off, the ENA token price has remained resilient, reflecting positive market sentiment and expectations for the future profitability of the token.

This suggests that the market can withstand large-volume trades from whales without substantial price declines.

The whale’s actions emphasise the importance of staking and trading strategies in the cryptocurrency market.

By purchasing during low-price periods and selling when prices rise, the investor maximised their returns.

Analytics tools like Spot On Chain, which track whale movements, play a key role in providing valuable insights into market trends and potential price shifts.

At the time of reporting, the Ethena (ENA) price was $1.16.