Significant Market Activity In Altcoins: $ENA, $FET, $MKR, And $ORBS

Today, major market makers executed notable transactions involving the altcoins $ENA, $FET, $MKR, and $ORBS, reflecting increased activity around these assets.

Here’s a breakdown of these movements:

Approximately 8 hours ago, GSR Markets transferred 8.59 million ENA tokens to Binance, valued at $2.93 million USD.

Fetch.ai’s multi-signature address moved 5 million FET tokens, valued around $5 million USD, to DWF Labs 10 hours ago, which were then deposited into Binance.

About 4 hours ago, Galaxy Digital’s OTC wallet sent 2,489 MKR tokens to Binance, totaling approximately $2.88 million USD.

https://twitter.com/ai_9684xtpa/status/1853634358273589701

DWF recently transferred 150 million ORBS tokens, worth $3.43 million USD, to a new address (0x067…bD082) about three hours ago.

Originally received from the Orbs Treasury on October 30, 2023, these tokens were initially valued at $6.57 million USD—a nearly 47.8% decrease over the past year. Notably, these ORBS tokens have yet to be moved or sold.

https://twitter.com/ai_9684xtpa/status/1853738090617319901

Meanwhile, @ethena_labs has faced criticism regarding its $USDe stablecoin. According to an on-chain analyst, $USDe appears to be an underwhelming alternative to $DAI, functioning as a basket of various assets. Its composition includes:

– 17% in stablecoins ($USDT and $USDC in spot positions)

– 31% in ETH hedging, essentially equivalent to long USDT perpetuals

– 52% in BTC hedging, similarly equating to long USDT perpetuals

https://twitter.com/the_smart_ape/status/1853364154310299998?t=ungCroNnE06tgdLn3CJgAw&s=19

Consequently, $USDe holds 17% in stablecoins and 83% in USDT perpetuals. A peculiar aspect is that $USDe doesn’t generate direct yield for holders. Yield is only distributed to those staking $USDe in exchange for $sUSDe tokens, while simply holding $USDe doesn’t provide direct yield benefits.

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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