Ethereum Whale Bets $6.6M on Ethena (ENA), Trims PEPE and Pendle Holdings

• Whale acquired 9.08 million ENA worth $6.68 million in September.
• Current balance: $17.53 million, equivalent to 21.82 million ENA.
• ENA overtakes PEPE as the whale’s largest holding.

An Ethereum whale has tilted heavily toward Ethena (ENA), reshaping its portfolio away from PEPE and Pendle (PENDLE). 

On-chain data shows the wallet now holds more ENA than PEPE, a noteworthy change in its asset allocation.

Ethereum Whale’s $6.6M Bet on ENA

According to Onchain Lens, the wallet address 0x373704e394…aba3fc5c76 acquired 9.08 million ENA tokens so far this month. The purchase was valued at $6.68 million, with an average price of $0.735 per token.

Data from Nansen indicates that the whale funded the acquisition by selling holdings of PEPE and PENDLE. This move reflects an adjustment in portfolio composition away from meme tokens and into ENA, a utility token.

Notably, his strategy could pay off as Lookonchain reported a trader’s significant loss on trading PEPE. According to the on-chain analytics platform, James Wynn lost over $17,000 on Hyperliquid after opening high-leverage longs on PEPE and other tokens, with liquidations cutting his balance to …

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