According to tracking data from Spotonchain on April 29, a whale — believed to be an address related to Ethena Labs or its project investors — deposited 13.94 million ENA tokens on Binance exchange about 5 hours ago. The value of these ENA tokens was estimated at approximately $4.66 million at the time of the transaction.
Notably, these ENA tokens were just released from Ethena Labs' smart contract 3 days ago. This development has raised speculation about the possibility of a Dump from the project or early investors shortly after the token was unlocked, as the market closely monitors large movement activities related to ENA.
The large amount of ENA being deposited on Binance is drawing community attention, especially as Ethena is still in the stage of distributing tokens to initial investors and related parties.
