Whale Watch: What If 17.875M ENA Gets Dumped? 🐳💰

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In the crypto world, whales are like the big bosses. Everyone’s always watching them, hoping they’ll lead us to the pot of gold. But what if one of these big bosses decides to dump 17.875M ENA? Let’s dive into the drama and see what could happen. 🌊

Crypto Whale Unstakes 17.875M ENA: Ethena Price in Hot Water?

So, this whale just unstaked 17.875 million ENA tokens, which is like $8.78M at today’s prices. According to Spotonchain X, this move is raising some eyebrows. The whale has deposited all these tokens on Binance, which is a big red flag for potential selling. 🚩

But here’s the kicker: if the whale sells, they’re gonna take a massive hit. They bought these tokens at an average price of $1.67, which is pretty high, and now the market is struggling. So, they’re looking at a $12.09M loss, which is like losing 60% of their initial investment. Ouch! 💔

So, what does this mean for the ENA price? In the short term, it’s not looking good. But the real question is, will this whale’s move cause a ripple effect, or will it be a minor blip? 🌊

Will Ethena Price Crash With 17.875M ENA Sell?

Adding 17.875M ENA to the circulating supply sounds scary, but it might not be as dramatic as it seems. Sure, a sell-off could influence the Ethena price, but the impact will likely be minor. ENA is currently trading at $0.4989 and has been on a bit of a recovery since its earlier crash. Plus, its 24-hour trading volume is up 18%, hitting $270.86M, which shows some investor interest. 📈

However, the crypto exchange where these tokens will be sold might see higher slippage due to increased liquidity. And small-scale investors might follow the selling trend, but that should be short-lived. 🏃‍♂️

Looking at the ENA/ USDT daily charts, the price might dip near the $0.428 support level, but a recovery could be on the horizon, with targets at $0.502, $0.617, and eventually $0.808. 🚀

Key Levels To Watch

With all this market turbulence and whale dumping, investors need to keep an eye on these key levels:

Key support levels: $0.3430, $0.4280, and $0.4530.

Key resistance levels: $0.6710 and $0.8082.

Buying opportunity: A drop to the $0.428 support level might be the perfect time to buy before the recovery kicks in.

Ethena Price Prediction: If the price bounces from the current support level, it could push to $0.6710 before reaching $0.8082. But if the key support isn’t held, the price might drop to as low as $0.3430. 📉

What’s Next?

Ethena was once a top crypto, but it’s been through some rough patches. It’s currently trading at $0.4989, down 67% from its all-time high of $1.52. But with a shallow dip, the key support of $0.4280 could lead to a better recovery as buying pressure increases. 🌟

So, even if this crypto whale dumps its 17.875M ENA, the impact on the price will be limited. Investors should keep an eye on the key levels and adjust their strategies accordingly. 🕵️‍♀️

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2025-02-11 13:38