A piece of on-chain data sent chills down my spine: a certain giant whale liquidated all ENA after suffering an 81% loss and an unrealized loss of over 15,000,000 USD. He was not cutting losses in a panic sell-off; instead, after a long period of decline, he calmly chose to 'acknowledge his mistake.' This means he no longer believes that this narrative, once full of hope, can recover. This heavy blow has awakened many who are still 'faithfully holding' — it turns out that even giant whales can misjudge an entire narrative, and the cost is so severe.
This news made me instantly check my position. Fortunately, I do not have ENA. Even more fortunately, my core assets are safely stored in the ecosystem of @usddio in the form of USDD, generating returns every day that are unrelated to any narrative ups and downs. The tragedy of the giant whale is that he pinned all his hopes on a 'growth narrative,' and that narrative has collapsed. My strategy is the opposite: I anchor most of my hopes on a 'stability narrative,' which is based on on-chain verifiable over-collateralization that will not 'collapse,' but will continue to operate. This is the confidence that #USDD brings me — I do not need to guess what the next ENA will be; I just need to ensure that my assets remain safe when others guess wrong.
The collapse of ENA is the epitaph of 'narrative investing'.
This article hits the nail on the head: the problem with ENA is not technology, but rather 'at the moment of issuance, there was already no room for price increase'. It represents a commonality of the large number of new coins in 2024-2025: high valuation (FDV), strong narrative, but low genuine buying pressure and ongoing unlock selling pressure. The giant whale liquidating at -81% is a declaration in real money: time is not a friend of this asset but rather a poison that erodes its value.
This precisely highlights the fundamental difference in the asset class represented by @usddio. USDD does not have a 'narrative premium'; its value does not depend on future growth stories but is based on the sufficient collateral available at present. It does not promise hundredfold returns but guarantees value stability. When assets like ENA collapse due to narrative exhaustion, USDD's stability mechanism (over-collateralization, transparency) becomes the scarcest 'certainty' in a turbulent market.
From 'chasing narratives' to 'relying on mechanisms': an upgrade in wealth perspective.
The $15 million tuition paid by the giant whale teaches us two points:
Even giants can be wrong: blindly following 'smart money' to buy in is dangerous.
Growth potential is more important than the current price: assets without growth potential will reach zero; it's just a matter of time.
My coping strategy has thus evolved:
Build a 'financial bunker' with USDD: allocate most funds to stable assets like USDD and utilize the @usddio ecosystem to generate returns. This part of my assets is my 'non-narrative wealth'; it does not participate in the ups and downs of ENAs, offering security and continuous cash flow.
With the output from the 'bunker', cautiously participate in the 'narrative game': only use a portion of the returns generated by USDD or a very small percentage of principal to tentatively engage in promising narratives. Even if this portion of funds is completely lost (like the giant whale), my wealth foundation remains intact.
Use 'stability' as the primary screening criterion: before investing in any asset, first ask whether it has a stability mechanism like USDD to hedge against risks? If not, then its position limit must be very low.
The ENA giant whale was forced to 'admit mistakes' after bleeding, while we can proactively 'hedge' through asset allocation. @usddio provides not only a stablecoin but also a mindset and tools for protecting oneself and steadily accumulating wealth in a market filled with shattered narratives.
When others are still arguing about whether the next 'ENA' is a treasure or a trap, I have already let my wealth reside in a solid house guarded by code and mathematics, free from narrative bubbles.
