A Large ENA Trade: The Whale Known as “0x687” Sold 4.96M ENA Tokens on Binance, Making $2.38M in Profit

A whale with the address “0x687” has sold 4.96 million ENA tokens on Binance in a large trade, making a profit of $2.38 million, according to data from Spot On Chain.

The tokens were sold at an average price of $1.23 per token, making the total sale $6.01 million.

The whale had purchased the tokens at an average price of $0.75 per token, for a total of $4.46 million.

This move yielded a whopping 64.2 percent profit, showcasing the efficiency of a whale investor willing to change strategy correspondingly to market conditions.

The whale had initially purchased ENA tokens on May 10, 2024, and began withdrawing tokens from Binance.

Over the course of 206 days, they purchased 5.97 million ENA tokens at an average price of $0.75 per share, at an overall cost of $4.46 million.

Instead of trading and selling, the whale opted to stake his coins, profiting from the rise in ENA's price.

The whale’s sell-off was a $2.38 million profit, which equates to 63.93% of their investment.

Also important to note is that the whale still has ENA tokens with an unrealized value of around $464.353K, showcasing that they are quite rational in managing their money.

The whales typically influence high volumes, resulting in increased fluctuations in different token markets.

However, ENA has stood up to the test, continuing to rise as it did before despite the massive dumping exercise.

The positive is due to a high market sentiment and high expectation of the company’s future profitability ENA.

The whale’s activity also points to the importance of staking and trading in the world of Cryptocurrencies.

They have shown the classic speculative behavior of maximizing profits by purchasing during low-priced periods and selling during high-priced periods.

Such activity showcases the relevance of analytics tools such as Spot On Chain to track whales’ movement in real time.

Observing such movements may assist the traders and the investors in relating to the share market and also in identifying when a dramatic price change is likely to occur.

Speaking of large-scale transactions in the context of the developing crypto market, data-driven approaches are gaining strength.