Haciyev Reşit 
The Ethena (ENA) token also listed on Binance has drawn attention after an on-chain wallet linked to the project’s founder made a multi-million-dollar purchase, triggering a quick price rally. According to on-chain data, a multisig (multi-signature) wallet connected to Ethena founder Guy Young has withdrawn a total of 48 million ENA tokens from Binance and Bybit over the past three days.
The total value of these transfers is estimated at around $20.41 million. While the purpose behind these fund movements remains unclear, the crypto community has interpreted the move as either a “confidence boost” or a potential “insider accumulation signal.”
Strong Reaction in ENA Price: Up 12%
Following the reported buying activity linked to the founder, the ENA token has surged 12% in the past 24 hours. The token’s market capitalization has reached $3.24 billion, while USDe, the stablecoin tied to the Ethena ecosystem, has surpassed $12 billion in market value, marking a new record.
“Founder-led purchases typically boost investor confidence. The market often interprets such insider moves as positive price signals.”
— On-chain Analyst, CryptoQuant Asia
This upward momentum has brought renewed optimism to the ENA price chart, which had shown signs of stagnation in recent weeks.
On-Chain Activity Extends Beyond Ethena
Blockchain data reveals that the surge in activity isn’t limited to Ethena (ENA) several major tokens have also seen significant movements. A newly created wallet withdrew 744,604 Chainlink (LINK) tokens from Binance, a transaction valued at roughly $12.48 million.
In another large move, a crypto whale sold 2.227 billion PEPE tokens, earning 394 ETH (approximately $1.51 million). However, on-chain data shows the investor incurred a loss of around $1.02 million from the sale. The whale then converted the acquired ETH into 147 million USDT and deposited it into the decentralized exchange Aster.
Investors Track the “Founder Buy” Signal
According to crypto analysts, purchases made by founders or team-linked wallets are often seen as confidence-restoring actions within a project. In the case of Ethena, founder Guy Young’s large-scale accumulation has been interpreted as a sign of renewed trust in the project’s future. However, some analysts caution that major founder transactions can sometimes indicate potential price manipulation, urging investors to remain vigilant.
The 48 million ENA purchase linked to Guy Young has made a major impact across the market, not only fueling ENA’s recovery rally but also increasing overall on-chain activity. Now, investors are watching closely to see whether this move marks the beginning of a long-term strategic accumulation or merely a short-term position adjustment.
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