Ethena (ENA) Price Soars 10%, Here’s Why

by

In an unexpected turn of events in the crypto world, Ethereum‘s native currency, ENA, bucked the trend of the wider cryptocurrency market slump and surged by almost 10% in value. This price increase has drawn significant attention from investors, who are eagerly watching two potential catalysts that may be driving this growth. Let’s explore these factors further.

ENA Staking On The Rise

Based on Spotonchain’s blockchain data, a large investor (referred to as a whale) took out 6 million ENA tokens from Binance on April 10. Surprisingly, this whale immediately staked all those tokens in the ENA contract, pushing the anonymous wallet into the top-tier of stakeholders.

Significantly, a single address had previously deposited approximately 8.96 million USDe, strengthening its status as the leading stakeholder. Simultaneously, this large-scale action by the whale occurs after Ethana’s declaration of “season 2,” which promises enhanced staking incentives for users.

In contrast to the wider cryptocurrency market’s decline, the price of ENA notably surged, as previously stated. According to SpotOnChain’s analysis, this price increase coincides with over 114 million ENA tokens that have been staked within just the past two days.

Binance Extends Support

Starting April 11 at 08:00 UTC, Binance, the top global cryptocurrency exchange, will begin trading for the ENA/USDC pair, causing a surge in demand for the token. Meanwhile, the platform has also unveiled plans to offer trading bot services for ENA, effective immediately for ENA/USDT. Users can now utilize Spot Grid, Spot DCA, and Rebalancing Bot functionalities. Furthermore, Binance will provide access to Spot Algo Orders on the new ENA/USDC pair.

This announcement adds to the positive outlook for ENA in the cryptocurrency market, as leading exchanges work to boost its supply and demand. The price of Ethena has responded enthusiastically to this news, recording significant growth today.

Ethena Price Soars

Currently, the price of Ethena’s token has increased by 8.50% over the last 24 hours, reaching a value of $1.31. This price rise is largely attributed to the factors discussed earlier.

At the same time, Coinglass highlighted a substantial 10.79% rise in open interest for ENA‘s token, indicating growing investor attention towards this asset. Additionally, Ethena’s price trend has been rising noticeably, suggesting a positive market sentiment for ENA.

Read More

2024-04-10 19:46