Crypto Drama: Will Ethena Survive the Market Maker’s $10M Dump?

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Ethena price is slipping faster than my commitment to dry January 💦. Its value took a nosedive—down 4% in just 24 hours, coinciding with a market maker chucking over $10M worth of ENA tokens onto the metaphorical trash heap called Binance. Traders are on edge, expecting volatility, while ENA can’t even flirt with its $0.48 resistance without being ghosted. Classic.

Market Maker’s Move: Amber Group Plays “Guess Who?” With $10M in ENA

On-chain intel served fresh by Arkham Intelligence revealed that Amber Group, a market maker, dumped $10.35M ENA tokens so casually it felt like they were clearing out their crypto pantry. Fun fact: $2.5M of this stash was bought two weeks ago on Binance at an average price of $0.3979—what a roller coaster of regret! Meanwhile, another $7.85M worth of tokens were gifted (well, transferred) from the Ethena Claim address between April to July, 2024. 📦🎁

Dumps like this? They’re like throwing a fridge into a swimming pool. Sure, it adds volume, but good luck staying afloat. This could ramp up liquidity, attract investors, and bring some drama—because boring markets are soooo last season.

Tokenopath: More Unlocks, More Troubles 🚨

If ENA’s sagging price wasn’t enough to ruin your day, brace yourself. This month has been a carnival of token unlocks. On March 5, Cryptorank logged 2.06B coins (13.9% of total supply). Boom! 💣 March 2? Another haul: 94.19M coins unlocked, representing 0.63% of the total supply—who’s keeping count anymore? Spoiler: not the price charts 🔻.

Buckle up though! April is coming, and it’s bringing bad news: a whopping 94.19M coins unlocked on the 2nd, followed by an ambitious 171.85M tokens unlocked on April 5. TLDR; ENA’s supply inflation is doing its best impersonation of a balloon blown up by someone with too much spare time. 🎈

ENA Price: The Struggle Is Real 🔍

Currently, Ethena’s price is hanging out at $0.3581, down 4% because why not? It hit a low of $0.3497 and barely clawed up to $0.3763 in the past 24 hours—about as impressive as attempting to catch a falling knife… blindfolded. 🤷‍♀️ Not surprising given Amber Group’s $10M worth of “casual dumping.”

Weekly charts? Down 1%. Monthly charts? Down 11%. Graphs like these only get dragged out when someone wants an excuse to open a second bottle of wine. 🍷

Renowned analyst Sjuul/AltCryptoGems vaguely tried motivating traders with a Tweet: “If bulls fail to defend this demand, it would be a pretty bad sign.” Oof, way to lift spirits, mate! Meanwhile, CoinGape’s crystal ball predicted that ENA’s 3-month bias indicator is tilting bearish. Guess cautious optimism now comes in a bear-shaped wrapper. 🐻

So what’s the takeaway? Maybe just hope ENA grows a spine, skips the drama queen act, and starts acting like it belongs in people’s wallets again.

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2025-03-22 09:46