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Title: Ethena: What’s Next After 8% ENA Supply Shifts to a Single Address?
The recent movement of 8% of the total ENA supply shifting to a single address has left many wondering what could be next for this altcoin. While it is challenging to predict the future with certainty, certain trends and patterns can provide valuable insights.
Firstly, Ethena’s price chart started to rise since the potential end of crypto bear markets in early April and getting into May and June. The month of July has seen a 74% surge in only three weeks where ENA broke above the sideways consolidation. At the time of writing, the price was retesting the breakout level.
It is crucial to note that Ethena’s income statement showed a decrease in earnings, which may be indicative of users potentially reducing their holdings and leading to a decline in fees generated. However, it is important to consider that ENA’s 2024 gains were seven times better compared to its 2025 ones, which only surpassed $1M in the first quarter.
The sudden shift in supply could be a precursor to potential surge for Ethena.
Source: ambcrypto.com
