Ethena value reaches new all-time prime: Here’s why ENA is surging

9:40 pm
April 10, 2024
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  • Ethena (ENA) value reached highs of $1.49, surging greater than 18% in 24 hours as maximum altcoins struggled.
  • Bullish sentiment amid new staking rewards for ENA holders may push ENA value upper.

Ethena (ENA) traded to highs of $1.49 on Wednesday, its all-time prime that sees the not too long ago introduced crypto mission emerging in opposition to the highest 50 cryptocurrencies via marketplace cap.

According to information from CoinGecko, Ethena ranked 58th biggest with a marketplace cap of over $2.07 billion. The token’s worth was once round $1.45 on the time of writing, 18% up prior to now 24 hours and just about 30% up this previous week.

Why is Ethena value surging these days?

Today’s beneficial properties for ENA got here as Bitcoin hovered close to a key degree following fresh declines. Top altcoins additionally dropped because the crypto marketplace reflected shares, with primary US indices slipping amid hit CPI information and US President Joe Biden’s feedback on rate of interest cuts.

While BTC, ETH and different tokens struggled, ENA value benefitted from a spike in staking. Ethena (ENA) is the local token of Ethena Labs, an artificial greenback protocol on Ethereum. USDe is a yield bearing stablecoin.

An announcement previous this week of greater praise for stakers appears to have spurred job, together with from most sensible Ethena whales. On Wednesday, Ethena Labs announced integration with most sensible change wallets, together with Binance Web3, Bybit, OKX Wallet and Bitget Wallet.

Users who lock up their USDe for no less than 7 days by means of any of those change Web3 wallets will probably be eligible for a 20% spice up on their praise.  

On Monday, the protocol rolled out its “Season 2” staking rewards, with customers locking 50% or extra in their tokens will probably be eligible to a 50% spice up to their praise.

According to on-chain data shared by Lookonchain, a couple of whales have withdrawn hundreds of thousands of ENA from exchanges and staked for the reason that announcement of Season 2 rewards.

Ethena not too long ago unveiled a 750 million ENA airdrop for its group.


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