- Athena’s token, ENA, dropped in value as Bitcoin fell below $79,000.
- Little dipping occurred although ENA observed a 5-week increase in whale activity.
- Prices may go down a lot, but BTC’s comeback could lead to ANOTHER.
The price of Athena (ENA) faced some challenges today, falling nearly 4% to an intraday low of $0.11 as Bitcoin battled a fresh sell-off amid economic headwinds.
The decline also occurred as the chain’s underlying metrics showed strong interest from major shareholders.
Experts say the move reflects a disconnect between whale behavior and short-term action.
Athena hits 5 weeks in the whale game
Chain information shows that Athena’s environment has run very well.
First, the network only reached its maximum size every day in three months.
The platform not only saw a surge in the creation of new wallets, but it had OTHER whales that reached a five-week peak, connecting with the growing interest fueled by several incentives.
📈 Athena just saw its biggest day of network growth (new wallets created) in over 3 months. Additionally, $ THIS Whale watching has just arrived for five weeks. Why? There have been many events that have taken place in the days leading up to May 12th:
🎯 Grayscale… pic.twitter.com/ZMZf0BZgkN
– Sentiment Intelligence (@SantimentData) May 13, 2026
According to Santiment, one of the key drivers was Grayscale’s decision on May 7 to include ENA in its DeFi Fund.
Athena also recently saw a large transfer of $310 million USDC, a sale that brought in new funds and attracted a lot of attention.
Santiment also pointed out that ENA’s exposure increased significantly when LayerZero announced the temporary suspension of the bridge on May 9, keeping Athena at the forefront of DeFi discussions.
Adding to the hope, the Athena Foundation recently confirmed that all of the requirements set forth by their Emergency Committee for the launch of the “Fie Switch” have been satisfied.
The system, designed to distribute protocol fees to stakeholders, is awaiting a vote of authority from ENA shareholders in the coming days.
The whale’s placement ahead of the demand vote helped pump ENA’s price to $0.14 on May 10.
Why is the price of ENA down?
Despite the positives, ENA’s stock lost ground to market growth.
Both the RSI and the MACD on the 4-hour chart indicate that the prices may go lower.
On May 13, crypto sentiment turned negative following the release of US Producer Price Index (PPI) data.
This came hotter than expected and fueled fears of continued inflation and slowing deflation.
US stocks fell, and Bitcoin, the bellwether of the crypto sector, fell below $79,000 in midday trading.
The decrease means that beef prices will return to the levels seen following Tuesday’s Consumer Price Index (CPI) report.
BTC prices were already there it rose to $81,000.
The most risk-on-weighted altcoins, Ethereum fell near $2,250, Solana fell to $90, and XRP fell below $1.50.
Many DeFi tokens showed weakness, including ENA, which traded from intraday highs of $0.12.
Profit taking can extend losses to support at $0.10.
Although the dip affects ENA’s outlook for a while, the fundamentals of the network and the market’s outlook may signal a recovery.
