Market leader Amber Group accumulates Ethena (ENA) in astounding quantities.
The build-up inspires market confidence in ENA.
Alongside the market’s robust ascent, the price of ENA surges.
ENA, the native cryptocurrency of the Ethereum-based synthetic dollar system Ethena, garnered significant attention from cryptocurrency market fans worldwide today despite the market corrections that have caused a slump in cryptocurrencies. This is because the price of ENA has demonstrated an extraordinary rally. Amidst the excitement generated by Ethena’s significant price increase, Amber Group, a leader in global digital finance, amassed incredible quantities of ENA from a CEX, thereby expanding the diversification of its cryptocurrency investment portfolio.
The market maker’s activity sparked a flurry of conjecture among investors and traders in the cryptocurrency space, raising concerns about how the significant accumulation would affect the token’s future price movement.
As a well-known market maker in the digital asset space, Amber Group constantly buys and sells digital assets to provide liquidity to the cryptocurrency market. Given the firm’s recent disclosure of substantial ENA holdings, investors anticipate lower token price volatility and increased market efficiency.
An Examined More Into Amber Group’s ENA Gathering
Per the information disclosed by SpotonChain, on April 3, 5.106 million ENA, or $4.66 million, were taken out of Binance for $0.913 by the wallet associated with Amber Group, which goes by the address 0x011. Investors were curious about this move because it coincided with the token’s amazing price surge in conjunction with Ethena’s airdrop.
Wallet 0x011 (likely @ambergroup_io) has withdrawn 5.106M $ENA ($4.66M) from #Binance at ~$0.913 in the past 2 hours.
The $ENA price has surged nearly 45% after going live yesterday!
Follow @spotonchain and turn on your 🔔 at https://t.co/iR9FkTBPJC pic.twitter.com/IxCOeyxf2k
— Spot On Chain (@spotonchain) April 3, 2024
According to reports, the eagerly anticipated Ethena Labs airdrop began on April 2 and distributed $450 million worth of ENA tokens to qualified wallets. ENA pumped extraordinarily well after this airdrop event ended, igniting the market’s enthusiasm for the coin.
As the token’s supply on exchanges declines, a possible cushioning effect on price is still in place because of the market maker’s significant accumulation. Furthermore, as previously indicated, several favourable trends, such as higher trading volume, lower price volatility, deeper market depth, etc., boost the ENA token’s confidence as the market maker provides additional liquidity.
ENA’s Cost Rises
The price of the Ethena token has increased by a significant 55.96% in the last day as of this writing, and it is now trading at $0.9297. ENA further solidified its positive stance today with a 228.71% increase in the 24-hour trading volume and a 55.99% increase in the token’s market cap.
In the meantime, the token’s derivatives volume saw an astounding 123354.81% increase, supported by an 8331.30% increase in open interest. These developments showed that the token had a strong rise in the market.
