USDe

Arthur

April

Ethena

In the ongoing bullish market sentiment, the recently launched Ethena (ENA) experienced a massive price surge of over 10% in the last 1 hour. However, the major reason behind this massive upside momentum is the upcoming airdrop and the introduction of the ENA token into season 2 to move more closely to align the growth in USDe with ENA. Since morning, Ethena’s ENA token has been struggling to gain momentum. Why ENA price is increasing? 
Recently, on April 8, 2024, a post was made and announced the integration of $ENA into Season 2 of a platform, aiming to align its growth with USDe. Users who lock at least 50% of their USDe holdings in $ENA will receive a 50% increase in rewards and the highest daily reward rate among pools. This incentivizes users to participate in the locking mechanism, fostering the ecosystem’s growth and stability.
Today we introduce
Following this announcement, to take advantage of Ethena Season 2 staking rewards, crypto whales withdrew their ENA holdings. According to data from an on-chain analytics firm,LookOnChain, 3 whales withdrew a massive 11.9 million ENA tokens worth $15.23 million from Binance and staked it. 
Currently, the ENA token is trading near the $1.33 level, and in the last 24 hours, it experienced nearly 12% upside momentum. If we look at the performance of ENA over a longer period, in the last 7 days, the ENA token experienced nearly 100% upside momentum. Arthur Hayes’s prediction on the ENA token 
Following this massive price surge, the co-founder and ex-CEO of BitMEX, Arthur Hayes, made a post on X showing his enthusiasm for the ENA token. Besides Hayes’s recent post on X, earlier on April 3, 2024, Hayes made his first post about Ethena and predicted that the ENA token would skyrocket to $10 by stating “<a href="https://news.todayq.com/arthur-hayes-goes-bullish-on-ethena-expects-ena-to-hit-10/" rel="noopener noreferrer nofollow">ENA = $10</a>.”&nbsp;
However, when Hayes made the ENA prediction on X, during that period Ethena’s ENA token was trading at around $0.72, and since then, the price has soared more than 85%.&nbsp;
Besides the massive price surge in ENA, today the overall cryptocurrency market is also up by nearly 4%, and the trading volume has also increased by nearly 50%, currently standing at $87.35 billion. However, top cryptocurrencies like Bitcoin, Ethereum, Dogecoin, and many others experienced massive upside momentum.

Ethena (ENA) token price soars 10% in just 1 hour, Here’s Why?

Todayq News

Other articles published on Apr 8, 2024

Costa the Crocodile (COSTA) Poised to Deliver 5,500% Gains as DOGE and SHIB Investors Rush In

Plotting the path to $80K — 5 things to know in Bitcoin this week

Spot Bitcoin ETFs Attract $485 Million as Market Interest Persists

Bitcoin Hints at Correction, But Could a Dip Offer Buying Opportunity?

Bitcoin (BTC) Price Stabilizes Before March CPI Data and FOMC Meet, What’s Next?

SpaceCatch Public Beta is coming on 22nd April 2024. The biggest GameFi event of this month is here!

Join our free newsletter for daily crypto updates!