A large cryptocurrency owner lost $ 13 million on a little-known digital token

Editor’s note: not investment advice!

A large holder of the cryptocurrency token Ethena (ENA) suffered significant losses, selling most of his deposit at a large loss. The event attracted the attention of Lookonchain analysts.

The trader withdrew all 23.24 million ENA from the staking, which at the time of the sale amounted to $ 17.3 million. At the beginning of April, the total value of these coins was $ 30 million with an average price of $ 1.29 per token. In mid-April, ENA’s quotes began to decline. on June 11, a trader sold 19.36 million ENA for $ 14.1 million, leaving 3.88 million ENA worth $ 2.74 million on his balance sheet.

At the time of writing, according to CoinGecko, the token is trading at $ 0.7202 with a market capitalization of $ 1.16 billion. It is worth noting that in April, the developers increased rewards for users who blocked a large amount of ENA in staking, which led to an 11% increase in the token’s price. However, despite this positive news, the drop in the token’s value led to significant financial losses for the trader.

No Worries strongly recommends that readers do not invest in dubious crypto projects and little-known digital assets!