A multi-signature (multi-sig) wallet linked to Ethena, which had not made any transactions for approximately 400 days, showed significant activity yesterday.
According to on-chain data, 15 million ENA tokens were sent from the wallet to the cryptocurrency exchange Binance. The transfer had a market value of approximately $9.64 million.
The wallet’s overall balance is striking: 360 million ENA tokens, or approximately $237.6 million, are still held at this address. The transaction was conducted on the Ethereum network, and only very small ETH movements had been observed recently.
This move, coming after a long period of inactivity, has sparked speculation within the community, with some suggesting that developers are looking to capitalize on the recent surge in ENA’s price.
ENA, one of the popular altcoins of recent months, is trading 56% lower than its all-time high price record of $1.52, set a year ago.
There are claims that Ethena could be the new TerraUSD of the market because it promises high stablecoin returns, but in the event of its collapse, it may not have a similar impact to the approximately $90 billion Terra ecosystem.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/developers-allegedly-dumped-this-altcoin-transferred-a-large-amount-of-tokens-to-binance/