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Founder of This Altcoin Bought a Significant Amount of His Own Token: The Price Chart Turned Green
According to on-chain data, a multisig wallet linked to Ethena founder Guy Young withdrew a total of 48 million ENA tokens from Binance and Bybit exchanges over the past three days.
The total value of the transactions was estimated at approximately $20.41 million. It is currently unknown why the wallet collected these assets.
The price of ENA has surged 12% in the last 24 hours, reaching a total market capitalization of $3.24 billion. The stablecoin linked to Ethena, USD, has surpassed a market capitalization of $12 billion.
The on-chain activity wasn’t limited to Ethena.
Another newly created wallet withdrew 744,604 Chainlink (LINK) from Binance, completing a transaction worth approximately $12.48 million.
A crypto whale also sold his 2.227 billion PEPE tokens, earning 394 ETH (approximately $1.516 million). However, after holding the asset for 100 days, the investor sold at a loss of $1.02 million. He then converted the ETH into 147 million USDT and deposited it on the decentralized cryptocurrency exchange Aster.
*This is not investment advice.
