Ethena Foundation Approves $ENA Fee Switch As Whale Eyes $900K Profit

The Ethena Foundation has announced that the proposal by @wintermute_t to activate a fee switch for $ENA has been approved by the Risk Committee.

This marks a significant development for the token, with the Foundation now collaborating with the committee to finalize the parameters for activation by November 30. Details on the precise implementation mechanics will follow.

Meanwhile, a notable whale has made a major move that has caught the market’s attention. On September 30, this investor withdrew 5.187 million $ENA from Binance and staked it at an average price of $0.40 per token. Just 15 minutes ago, the whale unstaked the entire amount and transferred it back to Binance, preparing for a lucrative sell-off.

一个鲸鱼在 9/30 从币安提取了 518.7 万枚 $ENA 然后进行了质押，均价 $0.4。
15 分钟前，他将 ENA 解除质押后全部转进了币安。现在的 ENA 价格为 $0.57，他预计将获得 $90 万的利润 (+43%)。https://t.co/qA7YjCc7TZ

本文由 #Bitget｜@Bitget_zh 赞助 pic.twitter.com/5178dljg8w

— 余烬 (@EmberCN) November 16, 2024

With the current price of $ENA at $0.57, this investor stands to pocket a hefty profit of $900,000—a 43% return on their initial investment. The timing of this transaction aligns with the recent momentum generated by the fee switch approval, signaling confidence in the token’s future prospects.

一个鲸鱼在 9/30 从币安提取了 518.7 万枚 $ENA 然后进行了质押，均价 $0.4。
15 分钟前，他将 ENA 解除质押后全部转进了币安。现在的 ENA 价格为 $0.57，他预计将获得 $90 万的利润 (+43%)。https://t.co/qA7YjCc7TZ

本文由 #Bitget｜@Bitget_zh 赞助 pic.twitter.com/5178dljg8w

— 余烬 (@EmberCN) November 16, 2024

The approval of the fee switch proposal is expected to have a lasting impact on $ENA, potentially increasing its utility and appeal among investors. As the activation parameters are finalized, all eyes will be on the token’s market performance and how stakeholders, including influential whales, position themselves in response to these changes.

$ENA’s recent developments highlight the importance of governance decisions and strategic timing in crypto markets, with this whale’s calculated move serving as a prime example of how to capitalize on such opportunities.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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