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

Coingapestaff
April 10, 2024
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ENA Price Slips 10% Amid Ethena Whales' Massive Dump, What's Next?

Highlights

  • Ethena ENA price rallies, sparking optimism among investors.
  • Ethena staking on the rise, per insights by Spotonchain, adds further optimism.
  • Binance unveils plans to expand support for the token.

In a spotlight-stealing event witnessed within the crypto realm, ENA, the native cryptocurrency of the Ethereum-based synthetic dollar protocol Ethena, defied the broader crypto market downturn today as its price rallied nearly 10%. This price rally promptly piqued substantial investor interest as a couple of bullish factors appear to be primarily fueling this upsurge. Here’s a closer look into the potential factors that aided ENA’s price upswing today.

ENA Staking On The Rise

According to the insights revealed by the blockchain tracker Spotonchain, a whale withdrew 6 million ENA from Binance today, April 10. Intriguingly, the whale promptly staked all the tokens gathered from Binance, catapulting the unknown wallet address into one of the top stakers within the ENA contract.

Notably, the same address previously staked 8.96 million USDe, adding to the whale’s position as the top staker. Meanwhile, this massive move by the whale follows Ethena’s announcement of “season 2,” offering users increased staking rewards.

Despite the broader crypto market’s downturn, ENA’s price rallied remarkably, as mentioned above. According to insights revealed by SpotOnChain, this rally aligns with a staggering 114 million ENA tokens that have been staked in the past two days.

Binance Extends Support

Additionally, Binance, the world’s leading cryptocurrency exchange, today announced that it will open trading for the ENA/USDC pair starting April 11 at 08:00 UTC, adding fuel to the token’s pump. In the interim, the firm also announced that it would enable trading bot services for ENA, commencing Spot Grid, Spot DCA, and Rebalancing Bot for ENA/USDT, whereas it would also provide users with Spot Algo Orders on the ENA/USDC pair.

This announcement further underscores an optimistic market trend for the token, showcasing the world’s leading CEX’s efforts to jack up ENA. Ethena’s price action mirrored the optimism birthed by the abovementioned chronicles, showcasing remarkable gains today.

Also Read: Bitcoin Breaks Key Support As US CPI Comes in Hot At 3.5%

Ethena Price Soars

As of writing, the Ethena token rallied 8.50% in the past 24 hours and is currently trading at $1.31. This surge in price primarily aligns with the potential reasons mentioned above.

Meanwhile, Coinglass spotlighted a whopping 10.79% increase in the token’s open interest, further underlining investors’ increased interest in the asset. Coupled with Ethena’s notable upward price trajectory, market data paints a bullish outlook for ENA.

Also Read: Solana Exec Reveals Actual Reason Behind Recent Congestion

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.