Ethena (ENA) token has gained a whopping 329% since its launch, rising from an initial price of $0.29 to $1.45. It is also stated that ENA’s market value has exceeded a milestone of $2 billion.
The developments and on-chain advances that affected this rapid rise of the ENA token, with whales purchasing the token, signal that the price rally will not stop anytime soon.
In this case, ENA token and public crypto- It is important to be careful about the market. Rapid price increases are often associated with high volatility and can provide investors with large gains but also expose them to large risks. In order to have more information about this success and future of ENA, it is important to follow the foundations and developments of the project closely.
Giant Move from Whale
Information from Lookonchain according toA significant transaction occurred in the last 18 hours where a whale purchased 2.19 million ENA tokens worth approximately $3.14 million by spending 896 Ethereum (ETH). This major purchase was reported based on Etherscan data.
There is speculation about Tokka Labs, and specifically Altonomy, being associated with this acquisition. However, such speculations can often be based on information with uncertain sources and require rigorous verification.
Such large transactions attract significant attention in the cryptocurrency market and can cause significant changes in the value of the projects and tokens involved. However, investors and followers should be careful to verify such news and analyze it in depth.
A whale spent 896 $ETH($3.14M) to buy 2.19M $ENA at $1.43 in the past 18 hours.
This whale may be Tokka Labs (Altonomy).https://t.co/7yS4M0xxqE pic.twitter.com/UprFelseBh
— Lookonchain (@lookonchain) April 12, 2024
This large whale intake may indicate increased confidence in the ENA and its ecosystem. Additionally, underlying demand for the ENA token appears to continue in a healthy and sustainable manner.
ENA token experienced a significant rise, breaking the $1.20 resistance level. This led to the breaking of the ascending triangle formation. Analysts say this break altcoin They state that it is a strong signal for the continuation of the upward trend in the market.
Analysis based on Fibonacci levels suggests that the ENA token could rally towards the $1.76 level. There is also optimism that in the event of a broader market recovery, the altcoin could move towards the $2.67 level.
However, these predictions and analyzes often depend on market conditions and developments in the overall cryptocurrency market. Volatility and risks in cryptocurrencies should be considered and investment decisions should be made carefully. Investors should monitor the market closely and make decisions by assessing risks and seek expert advice when necessary.
Ethena Wallet Integration and High Yield
Ethena Labs, a leading synthetic stablecoin protocol, has launched a new collaboration with centralized exchange wallets such as Binance, Bybit, OKX and Bitget, starting April 10. The main purpose of this integration is to increase user accessibility and offer attractive incentives for staking USDe stablecoins within the Ethena ecosystem.
Within the framework of this integration, Ethena developers have introduced an attractive reward mechanism for users using supported exchange Web3 wallets. Users will be able to earn rewards by locking their USDe stablecoins for at least 7 days. This reward will be provided in the form of “Ethena sats” with a 20% increase from the date of announcement.
At the end of the campaign, earned “sats” can be converted into the protocol’s native ENA token, providing further incentive for participants in the staking process. In this way, Ethena Labs aims to contribute to the growth of the ecosystem by encouraging users to stake their stablecoins and ensure that users are rewarded.
Investors who stake USD for at least seven days are currently enjoying an annual return of approximately 37%. This attractive yield resulted in a significant increase in the total value locked (TVL) on the protocol, rising from $178 million to $2.3 billion in just a 60-day period, marking a remarkable 12x increase.
