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