Data reveals a concerning development among developers of the altcoin Ethena (ENA). Recent on-chain analysis suggests that they have been selling a significant portion of their holdings. Specifically, a multisig wallet belonging to Ethena (ENA) developers transferred over 17 million ENA tokens worth $5.68 million to centralized exchanges such as Binance, Gate, and Bybit. This move coincides with an unlocked token program from Ethena Labs, the developer behind ENA, releasing 17 million ENA tokens into circulation today, resulting in a 2.82% increase in circulating supply. The price of ENA experienced a steep drop today, aligning with broader declines in the altcoin market. Although the exact role of these developer sales remains unclear, the rate of decline in ENA was notably faster than comparable assets. As of this writing, ENA trades at $0.29, down approximately 7% over the past 24 hours. It is essential to note that this information is not intended as financial advice. Continue reading for further details.