Ethena takes a hit as whale moves 18 million ENA tokens to Binance

The native token of Ethena, ENA, has dropped over 10% to 0.42 USD due to a transfer of 17.875 million tokens by whale wallet 0x8f9 to Binance.

This transfer is likely to heighten market supply, leading to negative sentiment. ENA may decline further to 0.31 USD unless buying demand increases.