Warning to Holders of This Altcoin: $50 Million Worth of Tokens Were Sent to Exchanges Following the Token Unlock

Wallet activity following the unlocking of Ethereum’s native token, $ENA, is attracting attention. According to data from Inflecta, an on-chain token economics analysis platform, approximately $50 million worth of $ENA was sent from these addresses to centralized exchanges.

The transfers reportedly occurred within a week following the unlocking of the key. The analysis also mentioned that the addresses included were associated with investment firms such as YZi Labs, D1 Ventures, and Tron VC.

This move indicates that some of the unlocked tokens have become available for use on exchanges. However, it cannot be definitively said that the entire $50 million has been sold. The assets sent to the exchange can be used for storage, collateral, or other transactions, in addition to sales.

$ENA is currently trading at $0.1991, down 5% in the last 24 hours. The token is 86% lower than its all-time high of $1.52 reached three years ago.

*This is not investment advice.