Developers May Have Sold This Altcoin During Today’s Drop

Onchain data has been obtained indicating that developers are likely selling a large amount of a surprise altcoin.

Data has revealed that a multisig wallet belonging to Ethena (ENA) developers transferred 17 million ENA tokens worth $5.68 million to centralized cryptocurrency exchanges such as Binance, Gate, and Bybit.

These tokens were released from the smart contract 3 days ago by Ethena Labs, the developer behind ENA, and may be part of the $54.56 million token unlock that was unlocked today, increasing the circulating ENA supply by 2.82%.

The ENA price witnessed a deep correction today, as did many other altcoins. While it is not known whether the developer wallet played a role in this decline, the rate of decline in ENA was recorded as slightly higher than other comparable altcoins.

At the time of writing, ENA is trading at $0.29 and is down approximately 7% over the last 24 hours.

*This is not investment advice.