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Ethereum Name Service (ENS) has been making headlines lately with a massive influx of funds from a significant whale transaction, valued at $9.15 million. This colossal injection of capital into the market led to a $4.36 million profit for the whale in question.
The transaction itself took place when a large-scale investor deposited 282,365 ENS tokens into Binance via an intermediary wallet. These tokens were originally sourced from the ENS DAO: Community Reward Funds wallet, where they held a value of $4.78 million. This strategic move demonstrates the whale’s impeccable timing in the ever-volatile crypto market.
It’s worth noting that this transaction coincided with a staggering 1041% increase in on-chain inflow volume over the past day. This influx of capital has led to heightened buying activity and significant market interest, as reflected in the price action and overall trend of ENS.
A closer examination of the price chart reveals a significant surge after this whale’s deposit. The current price at $34.41 reflects a recovery from its recent low of $28.00. If we take a step back and examine the Relative Strength Index (RSI), it currently stands at 50.86, suggesting that there is still room for movement in either direction.
Should ENS manage to hold support above the crucial level of $32.00, we can potentially see the token retest resistance near $38.00. However, if we start to see increased sell-offs, prices could plummet towards the $30.00 level, at least in the short term.
The whale’s transaction has also had a profound impact on the market sentiment. On-chain inflow volume is notoriously sensitive to large transactions of this nature, and it appears that ENS holders have become increasingly confident as a result. The total number of ENS addresses has remained remarkably consistent, ranging from 57.31K to 57.67K over the past day.
Despite recent market fluctuations, this stability in balance suggests an unwavering confidence from existing holders. This trend can be seen as a major positive for ENS, particularly given its potential impact on long-term price stability and wider adoption.
In conclusion, it’s essential to recognize that ENS has not been immune to the whims of the market. However, this whale transaction serves as a testament to the growth and resilience of the project, as well as the unwavering confidence shown by its community.
Source: ambcrypto.com
