Built on the Ethereum blockchain Ethena (ENA) token is a governance token and DeFi protocol behind the USDe stablecoin. With the help of the ENA token, its holders have the opportunity to decide the future of the protocol.
Following its launch, by market value crypto- It has already secured its position as the fifth largest stablecoin in its industry. Ethena Labs launched 750 Million ENA tokens on April 02, accounting for 5% of its total supply.
Ethena’s “Shred Campaign” began on February 19, and users were able to lock their collateral to exchange ENA tokens during the distribution phase. Additionally, these traders now have the right to convert their assets into cash.
On April 2, with the success of phase 1, Ethena’s incentive program began its 2nd phase called the “SATS Campaign”. At this stage, the project plans to hold Bitcoin as collateral for the protocol, and this stage will end on September 2 this year.
BTCBy bringing Bitcoin perpetual contracts into the Ethena ecosystem, the doors to Bitcoin perpetual contracts will be opened, resulting in $25 Billion of open interest inflows into delta hedge funds, reducing the directional risk of a token’s price movements. Additionally, this shows a 2.5x increase in Ethereum future perpetual.
On a positive note, ENA tokens are now available on major exchanges such as Binance, Bybit, Kucoin and other exchanges.
Technical indicator MACD shows a sustained decline in the red histogram, indicating increasing buying pressure in the crypto space. Moreover, the averages are trending upwards, indicating a positive price movement for the Ethereum-based crypto in the coming period.
Ethena token, after its launch crypto- It attracted great attention in the market, causing the ENA price to jump nearly 200% in the first few hours. However, after reaching an ATH of $0.898, the price showed a neutral trend on the chart.
Looking at the short-term price action, if the bulls regain momentum, Ethena price is predicted to test a new high of $1 by the end of next week. Conversely, if the rally fades, the altcoin could lose momentum and drop to test the $0.525 low this week.
