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<p>The crypto market has been abuzz with activity as two whales, <a href="https://platform.spotonchain.com/en/signal-details/two-whales-withdrew-ena-from-binance-for-staking-84501" target="_blank" rel="noopener noreferrer nofollow">identified</a> as 0xd38 and 0x29f, withdrew a combined 8.592 million ENA tokens ($11.83 million) from Binance and staked them in the “Ethena: LP Staking” contract within a span of 15 minutes.</p>
<p>This significant move comes on the heels of Ethena Labs introducing Season 2, which allows ENA stakers to earn additional tokens as rewards.</p>
<h2 class="wp-block-heading" id="whale-0xd38-s-activity">Whale 0xd38’s Activity</h2>
<p>Whale 0xd38, with the address 0xd380ab76b42254992622b7272335d1bb37667246, withdrew 4.5 million ENA tokens ($6.18 million) at an average price of $1.373. Interestingly, this whale had previously claimed 2.085 million ENA from project-related wallets at an average price of $0.68 ($1.42 million) on April 2 and 4, 2024. Shortly after receiving these tokens, the whale deposited them to Binance at an average price of $0.654 ($1.36 million).</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="626" src="https://captainaltcoin.com/wp-content/uploads/2024/04/image-428-1024x626.png" alt="" class="wp-image-471127" srcset="https://captainaltcoin.com/wp-content/uploads/2024/04/image-428-1024x626.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-428-300x183.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-428-767x469.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-428-1536x939.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-428-2048x1252.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-428-245x150.png 245w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-428-100x61.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-428-573x350.png 573w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-428-788x481.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-428.png 1908w" sizes="(max-width: 1024px) 100vw, 1024px">
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<h2 class="wp-block-heading" id="whale-0x29f-s-first-time-withdrawal">Whale 0x29f’s First-Time Withdrawal</h2>
<p>Whale 0x29f, with the address 0x29fec057b86ef46d240bd271837369f5715335ef, withdrew 4.092 million ENA tokens ($5.65 million) from Binance at an average price of $1.379. This marks the first time Whale 0x29f has made such a significant withdrawal.</p>
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<h2 class="wp-block-heading" id="ena-price-surge">ENA Price Surge</h2>
<p>Following the introduction of Ethena Labs’ Season 2, which incentivizes ENA staking with additional token rewards, the ENA price has experienced a remarkable 21.46% increase in the past 24 hours.</p>
<p>The increased demand for ENA tokens, as more investors seek to participate in the staking program and benefit from the added rewards, is responsible for this price surge.</p>
<h2 class="wp-block-heading" id="ethena-labs-season-2">Ethena Labs’ Season 2</h2>
<p>Ethena Labs’ Season 2 has been a catalyst for the recent whale activity and price surge in the ENA token. By offering additional token rewards to those who stake their ENA, Ethena Labs has created a strong incentive for investors to hold and stake their tokens, thus reducing the circulating supply and driving up the price.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="204" src="https://captainaltcoin.com/wp-content/uploads/2024/04/image-429-1024x204.png" alt="" class="wp-image-471135" srcset="https://captainaltcoin.com/wp-content/uploads/2024/04/image-429-1024x204.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-429-300x60.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-429-767x153.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-429-1536x306.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-429-2048x409.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-429-752x150.png 752w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-429-100x20.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-429-1755x350.png 1755w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-429-788x157.png 788w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>The introduction of Season 2 demonstrates Ethena Labs’ commitment to creating value for its token holders and fostering a vibrant ecosystem around the ENA token. As more investors participate in the staking program, the increased demand and reduced supply of ENA tokens are likely to support further price appreciation.</p>
<p>The recent whale activity, involving the withdrawal and staking of 8.592 million ENA tokens ($11.83 million), has significantly impacted the ENA token price, resulting in a 21.46% surge in the past 24 hours. Ethena Labs’ Season 2 launch, which has created a strong incentive for investors to stake their ENA tokens and earn additional rewards, is largely responsible for this activity.</p>
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<p>The post <a href="https://captainaltcoin.com/crypto-whales-massively-accumulate-ethena-amid-ena-price-surge/" rel="noopener noreferrer nofollow">Crypto Whales Massively Accumulate Ethena Amid ENA Price Surge</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Crypto Whales Massively Accumulate Ethena Amid ENA Price Surge

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