Ethena (ENA) Begins Rise to $2 Amid Big Whale Buy
Ethena (ENA) price has witnessed a spectacular 329% rise since the launch of the ENA token with an initial price of $0.29. As of press time, ENA is trading at $1.45 and its market cap has already surpassed the $2 billion milestone. On-chain developments suggest that ENA price growth will not stop anytime soon as whales buy in large quantities.
Buying an Ethena Whale
According to Lookonchain’s insights, a significant transaction was observed involving a whale purchasing $2.19 million ENA tokens, worth approximately $3.14 million, while spending $896 ETH. This notable purchase occurred within the last 18 hours.
According to the information provided by Lookonchian based on data received from Etherscan, speculations arise that the organization behind this important acquisition may be Tokka Labs, especially Altonomy.
This massive whale purchase shows increasing confidence in the altcoin and its ecosystem. Additionally, underlying demand for Etherna appears healthy with little sign of burnout
The ENA token experienced a significant rise, breaking the $1.20 threshold, which led to the breakout of the ascending triangle. Analysts interpret this breakout pattern as a strong signal that the uptrend in the altcoin market will potentially continue.
Based on analysis using Fibonacci levels, experts suggest that the rise could push the Ethena (ENA) price towards the $1.76 level. However, there is optimism that the altcoin could target the $2.67 level in the event of a broader market recovery.
Ethereum Wallet Integration and High Returns
Leading synthetic stablecoin protocol Ethena Labs has announced its latest collaboration with centralized exchanges such as Binance, Bybit, OKX, and bitget, effective April 10.
The main purpose behind this integration is to increase user accessibility and offer attractive incentives for staking USDe stablecoins in the Ethena ecosystem.
In line with this integration, Ethena developers have introduced an attractive reward mechanism for users who lock USDe stablecoins for a minimum of 7 days using supported exchange Web3 wallets.
Starting from the announcement date, eligible participants will benefit from a 20% reward increase in the form of “Ethena sats”. These sats can then be converted into the protocol’s native ENA token at the end of each campaign, offering users an additional incentive to participate in the staking process.
Investors who stake USDe for at least seven days are currently seeing annual returns of approximately 37%. This attractive yield has led to a significant increase in the total value locked (TVL) in the protocol; It rose from $178 million to $2.3 billion in just a 60-day period, marking a significant 12-fold increase.
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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