Ethena (ENA) Price Jumps 53% After Airdrop, More Steam Left?

The native cryptocurrency of the Ethereum-based synthetic dollar protocol Ethena, ENA, has experienced a significant surge, climbing by 53% within just two hours following its successful airdrop. As of now, the Ethena (ENA) price stands at $0.8846, with its market capitalization exceeding $1.26 billion upon its debut

Ethena (ENA) Airdrop Becomes Big Success

The much-anticipated Ethena Labs airdrop kicked off on April 2, dispersing $450 million worth of ENA tokens to eligible wallets. Ethena Labs announced that the entire airdrop allocation was successfully distributed by 7:17 am UTC on the same day.

According to on-chain data analyzed by Arkham Intelligence, the largest recipient of the Ethena Labs airdrop received a remarkable sum of nearly $2 million in ENA tokens. Wallet 0xb56 emerged as the recipient of 3.3 million ENA tokens, equivalent to $1.96 million.

The Ethena Labs airdrop went live 2 hours ago, with $450M of ENA to distribute.

The largest $ENA recipient so far has been 0xb56, who received 3.30M ENA worth $1.96M.

Track ENA on Arkham:https://t.co/coFsTcBUCa https://t.co/RSZwXLhCB6 pic.twitter.com/l6c7bqKghG

— Arkham (@ArkhamIntel) April 2, 2024

As per data from Dune Analytics, currently, there are 22,200 claimers of the airdropped ENA tokens. The total claimed ENA as of press time is 236,886,283 which is 32% of the total $750 million ENA secured for airdrop.

Ethena operates as a synthetic dollar protocol on the Ethereum blockchain, providing a cryptocurrency-based substitute for conventional banking services. Within its ecosystem, it features the USDe synthetic dollar and the ‘Internet Bond’ savings instrument. USDe stands out for its stability, resistance to censorship, and backing by Ethereum collateral.

With a staggering yield of 35.4%, Ethena’s USDe has attracted more than 123,000 individuals to lock in a total value of $1.6 billion, according to Ethena Labs’ homepage. Over the last month, the market capitalization of USDe has increased by 135% to reach $1.58 billion, positioning it as the fifth-largest stablecoin.

ENA 10x Price Rally Possible

After the airdrop claim page went live, the Ethena token became promptly tradable on leading centralized cryptocurrency exchanges such as Binance, Bybit, KuCoin, HTX, MEXC, and BitMart.

Last week on March 29, the Binance Launchpool announced the launch of Ethena Labs’s ENA token as the 50th project on the platform. Since then, Ethena has gained attention of some of the top industry players. Earlier today, BitMEX CEO Arthur Hayes said that Etherena price has a tremendous potential to rally all the way to $10.

Arthur Hayes noted that ENA has begun rallying even without participation from Korean traders. Based on this observation, he forecasted a significant surge in the Ethena price upon the entry of Korean investors into the trading arena