Ethereum

USDe

Delta

Ethena

The recently launched Ethena (ENA) has garnered massive attention from investors as well as traders in the realm of cryptocurrency. However, this happened just after the Ethena announcement regarding staking rewards, not only has the ENA token price increased, but also a massive amount of <a href="https://news.todayq.com/ethenas-ena-price-skyrockets-18-as-whales-increase-staking/" rel="noopener noreferrer nofollow">ENA tokens</a> have been staked. Why investors are staking ENA tokens? 
On April 10, 2024, an on-chain analytics firmlookonchain made a post on X (previously Twitter) stating that since the launch of Ethena Season 2 staking rewards, 10 crypto wallets have withdrawn more than 1 million ENA tokens from the DEXs and staked them. However, up until now, a total of 37.5 million ENA tokens worth $51 million have been staked. 
Besides this massive withdrawal of ENA tokens from existing holders, a whale address “0x523b” spent 436 ETH worth $41.6 million and purchased 1.16 million ENA tokens with an average price of $1.39, subsequently staking them. Such actions toward Ethena by crypto giants highlight investors’ as well as institutions’ interest in Ethena’s ENA.
However, another noticeable event on April 10, 2024, following the release of the CPI (Consumer Price Index) data, was the overall cryptocurrency market experiencing a massive fall. Additionally, top cryptocurrencies like Bitcoin, Ethereum, Solana, and many others experienced significant downside momentum. Conversely, Ethena’s ENA token remained stable and calm throughout the market fall, showcasing investors’ as well as traders’ confidence in the ENA token. Ethena’s ENA price-performance analysis 
Despite these ongoing activities, ENA managed to trade between $1.31 and $1.48 levels. Currently, ENA is trading near $1.42, and in the last 24 hours, it has experienced a massive over 5% upside momentum. If we examine ENA’s performance over a longer period, in the last 7 days, the ENA token gained nearly 40% upside momentum, while in the last 30 days, it experienced nearly 110% upside momentum.
The Ethena (ENA) protocol on Ethereum offers Internet Bonds for savings and USDe stablecoin, which isn’t pegged to the dollar but stabilized by blockchain and Delta hedging. USDe is generated from digital assets, maintaining stability through Ethereum lockups. Internet Bonds let users earn USDe rewards, distributed as ENA tokens to holders.
Despite the massive fall in the market today April 11, 2024, the overall cryptocurrency landscape seems to be recovering. In the last 24 hours, the market is currently experienced over 1.5% upside momentum, and top cryptocurrencies like Bitcoin and Ethereum also experienced price gains of nearly 2% and 1.2% respectively.

Ethena’s ENA set to take off? Whales stakes $51 mln more

Todayq News

Other articles published on Apr 11, 2024

Bitcoin mining difficulty marks new high before halving

Could Sloth-Themed Meme Coins Follow the Success of Frog, Cat, and Dog Coins?

With Bitcoin Facing ‘Crucial Resistance’, Crypto Analyst Breaks Down What’s Next for BTC and Two ...

NuggetRush vs. PEPE vs. BONK: The 2024 Crypto Game Changer?

Bitcoin's Ordinal Inscriptions Hit 65 Million as Halving Nears

GBTC ETF outflows hit record low as market anticipates BTC halving

Join our free newsletter for daily crypto updates!