Based

Rally

USDe

April

Ethena

The Ethena (ENA) price has witnessed a spectacular rally of 329% ever since the ENA token launch and its inception price of $0.29. As of press time, ENA is trading at $1.45 with its market cap already surpassing the $2 billion milestone. On-chain developments indicate that the ENA price rally won’t be stopping anytime soon with whales buying in big numbers.
<h3 id="ethena-whale-buying">Ethena Whale Buying</h3>
According to insights from Lookonchain, a significant transaction has been observed involving a whale acquiring 2.19 million $ENA tokens, valued at approximately $3.14 million, through the expenditure of 896 $ETH. This notable acquisition occurred within the past 18 hours.
Speculation arises that the entity behind this substantial purchase may be Tokka Labs, specifically Altonomy, reports Lookonchian citing <a rel="noopener noreferrer nofollow" href="https://t.co/7yS4M0xxqE" target="_blank">data</a> from Etherscan.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 A whale spent 896 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($3.14M) to buy 2.19M <a href="https://twitter.com/search?q=%24ENA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ENA</a> at $1.43 in the past 18 hours.
 This whale may be Tokka Labs (Altonomy).<a href="https://t.co/7yS4M0xxqE" rel="noopener noreferrer nofollow">https://t.co/7yS4M0xxqE</a> <a href="https://t.co/UprFelseBh" rel="noopener noreferrer nofollow">pic.twitter.com/UprFelseBh</a>
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1778628879223304447?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 12, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
This massive whale buying shows growing confidence in the altcoin and its ecosystem. Also, the underlying demand for Etherna seems healthy with little signs of exhaustion
The ENA token has experienced a notable surge, surpassing the $1.20 threshold, which has led to an ascending triangle breakout. Analysts interpret this breakout pattern as a strong signal for a potential continuation of the bullish trend in the altcoin market.
Based on analysis using Fibonacci levels, experts suggest that the breakout rally may propel the <a href="https://coingape.com/trending/top-reasons-why-ethena-price-might-hit-2-soon/" target="_blank" rel="noopener noreferrer nofollow">Ethena (ENA) price</a> towards the $1.76 mark. However, in the event of a broader market recovery, there is optimism that the altcoin could target the $2.67 level.
<h3 id="ethena-wallet-integration-and-high-yields">Ethena Wallet Integration and High Yields</h3>
Ethena Labs, a leading synthetic stablecoin protocol, has revealed its recent collaboration with centralized exchange wallets including Binance, Bybit, OKX, and Bitget, effective from April 10.
The primary objective behind this integration is to enhance user accessibility and offer enticing incentives for staking their USDe stablecoins within the Ethena ecosystem.
In line with this integration, Ethena developers have introduced an attractive reward mechanism for users who lock their USDe stablecoins for a minimum of 7 days using the supported exchange Web3 wallets.
Starting from the date of the announcement, eligible participants will enjoy a 20% reward boost in the form of “Ethena sats.” These sats can later be converted to the protocol’s native ENA token at the conclusion of each campaign, presenting users with an added incentive to engage in the staking process.
Investors staking USDe for at least seven days are currently enjoying an <a href="https://coingape.com/ethenas-tokenized-hedge-fund-offers-eye-popping-37-yield-can-it-sustain/" target="_blank" rel="noopener noreferrer nofollow">annualized yield</a> of approximately 37%. This attractive yield has prompted a significant surge in the total value locked (TVL) on the protocol, soaring from $178 million to $2.3 billion within a mere 60-day period, marking a remarkable 12-fold increase.
The post <a href="https://coingape.com/ethena-ena-price-rally-to-2-begins-amid-massive-whale-buying/" rel="noopener noreferrer nofollow">Ethena (ENA) Price Rally to $2 Begins Amid Massive Whale Buying</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Ethena (ENA) Price Rally to $2 Begins Amid Massive Whale Buying

Innholdsfortegnelse

Coingape News Media

Andre artikler publisert på 12. apr. 2024

Trader Averaging +$500M Profit in Crypto Reveals 10 BRC-20 and Runes Tokens With 100x Potential

Ethereum Edges Lower; Pendle, Bittensor Among Top Losers

BlockDAG Soars with 350% Growth, as Analysts Predict 30,000x ROI Amid Injective & XLM Cryptos’ Op...

Dogecoin Set to Skyrocket Post-Runestone Airdrop, Shiba Inu and Raboo Presale Catch Investor Eyes

New Cryptocurrency Releases, Listings, & Presales Today — Basedswap, Alien Base, Digitaliga

UK Regulator CMA Warns AI Investment Threats to Competition

Bli med på vårt gratis nyhetsbrev for daglige kryptooppdateringer!