An Ethereum whale has tilted heavily toward Ethena (ENA), reshaping its portfolio away from PEPE and Pendle (PENDLE).
On-chain data the wallet now holds more ENA than PEPE, a noteworthy change in its asset allocation.
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 just $5,952.
Following the September transactions, this whale’s ENA balance rose to 21.82 million tokens, worth about $17.53 million at current prices. This makes ENA the wallet’s largest holding, surpassing its PEPE position of 1.51 trillion tokens valued at $15.69 million.
The portfolio also includes 26,500 AAVE ($7.86 million) and 685,980 PENDLE ($3.23 million). Smaller allocations are held in ETH, staked AAVE, Wrapped Bitcoin (WBTC), Binance Coin (BNB), and other meme tokens such as PEEZY and VIRGEN.
Notably, the wallet remains diversified, but its allocation is concentrated in four main tokens: ENA, PEPE, AAVE, and PENDLE. Importantly,
ENA jumped yesterday after Binance listed USDe, its synthetic dollar, with $12 billion already in circulation. BitMEX co-founder Arthur Hayes said the move could drive a $500 million buyback engine for ENA as protocol fees are recycled into token purchases.
ENA is trading at $0.8141 after a breakout from $0.75. The token has now retraced a bit after a 3.1% downturn in the past day, reducing its weekly rally to 17.9%. Meanwhile, technical signals point to targets at $1 and $1.50, while support remained around $0.75 and $0.69.
Similarly, PEPE dropped 1.1% in 24 hours to $0.00001045, with trading volume up 2.8% and market cap above $4.4 billion. The token reclaimed its 20-day and 50-day EMAs, consolidating inside a symmetrical triangle that could precede a sharp move.
Key resistance sits at $0.000022, with support near $0.0000065. A breakout may target $0.000096, an 898% rally, while a breakdown could trigger a 44% decline.
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