ENA, the native token of blockchain development company Ethena Labs, has continued its upward trajectory, fueled by large-scale transactions from cryptocurrency whales.
According to data from blockchain analytics platform Spot On Chain, two whales withdrew a total of approximately 8.6 million ENA from Binance this morning at an average price of $1.377 per token.
The whales then proceeded to stake these tokens, locking them up in a smart contract to earn rewards. In the past 24 hours, whales have withdrawn a total of over 17 million ENA from Binance for staking purposes.
Ethena Labs recently announced a 50% increase in rewards for certain users who stake their tokens as part of the launch of “Season 2.” According to TradingView data, ENA has gained over 330% in value over the past week.
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