{"id":14269,"date":"2024-06-12T12:23:58","date_gmt":"2024-06-12T09:23:58","guid":{"rendered":"https:\/\/forklog.com\/en\/trader-incurs-13-million-loss-on-ethena-token-decline\/"},"modified":"2024-06-12T12:23:58","modified_gmt":"2024-06-12T09:23:58","slug":"trader-incurs-13-million-loss-on-ethena-token-decline","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/trader-incurs-13-million-loss-on-ethena-token-decline\/","title":{"rendered":"Trader Incurs $13 Million Loss on Ethena Token Decline"},"content":{"rendered":"<p>The largest staker of the governance token Ethena (ENA) sold the majority of their deposit at a loss, as noted by analysts at Lookonchain.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The largest <a href=\"https:\/\/twitter.com\/search?q=%24ENA&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ENA<\/a> staker unstaked all 23.24M <a href=\"https:\/\/twitter.com\/search?q=%24ENA&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ENA<\/a>($17.3M) 13 hours ago and sold 19.36M <a href=\"https:\/\/twitter.com\/search?q=%24ENA&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ENA<\/a>($14.1M) at a loss.<\/p>\n<p>He withdrew 23.24M <a href=\"https:\/\/twitter.com\/search?q=%24ENA&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ENA<\/a>($30M) from <a href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&#038;ref_src=twsrc%5Etfw\">#Binance<\/a> at $1.29 between Apr 10 and Apr 5.<\/p>\n<p>He currently has 3.88M <a href=\"https:\/\/twitter.com\/search?q=%24ENA&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ENA<\/a>($2.74M) left, with a loss of more than $13M!\u2026 <a href=\"https:\/\/t.co\/T2Akf6havZ\">pic.twitter.com\/T2Akf6havZ<\/a><\/p>\n<p>\u2014 Lookonchain (@lookonchain) <a href=\"https:\/\/twitter.com\/lookonchain\/status\/1800734074702897354?ref_src=twsrc%5Etfw\">June 12, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The user withdrew all 23.24 million ENA ($17.3 million) from staking. Between April 5 and April 10, the total value of these coins was $30 million, with an average token price of $1.29.<\/p>\n<p>Since mid-April, ENA prices have been declining. On June 11, the trader <a href=\"https:\/\/etherscan.io\/token\/0x57e114b691db790c35207b2e685d4a43181e6061?a=0x886b70db1a5ec9da60231d3a059b640db7f116ed&#038;__cf_chl_rt_tk=c1oxaEgWHZh4JO4lQ1mCOrSKTUnEjvo8ZKmC9V0i6.I-1718181364-0.0.1.1-6975\">sold<\/a> 19.36 million ENA for $14.1 million. They now hold 3.88 million ENA ($2.74 million), resulting in losses exceeding $13 million.<\/p>\n<p>According to <a href=\"https:\/\/www.coingecko.com\/en\/coins\/ethena\">CoinGecko<\/a>, at the time of writing, the token is trading at $0.7202 with a market capitalization of $1.16 billion.\u00a0<\/p>\n<p>In early April, the Ethena Labs team <a href=\"https:\/\/u1f987.com\/en\/news\/ethena-labs-launches-ena-claim-as-exchanges-list-token\">opened<\/a> a claim page for 750 million ENA. Several centralized platforms, including Binance, listed the asset.<\/p>\n<p>In the same month, developers <a href=\"https:\/\/u1f987.com\/en\/news\/ena-rises-11-amid-increased-staking-rewards\">increased rewards<\/a> for those who locked a large volume of ENA in staking. The token responded with an 11% rise.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The largest staker of the governance token Ethena (ENA) sold the majority of their deposit at a loss, as noted by analysts at Lookonchain. The largest $ENA staker unstaked all 23.24M $ENA($17.3M) 13 hours ago and sold 19.36M $ENA($14.1M) at a loss. He withdrew 23.24M $ENA($30M) from #Binance at $1.29 between Apr 10 and Apr [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14268,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1267,1500],"class_list":["post-14269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-trading","tag-ethena"],"aioseo_notices":[],"amp_enabled":true,"views":"9","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/14269","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=14269"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/14269\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/14268"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=14269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=14269"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=14269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}