Ethereum-Based Crypto Ethena Soars in Value Despite Market Downturn
Cryptocurrency enthusiasts observed a notable event as the price of the Ethereum-based digital currency Ethena (ENA) surged by about 10%, defying the overall market downturn. This price increase quickly caught the attention of investors, driven by several contributing factors. Whales Awaken in ENA!
On April 10th, a whale withdrew 6 million ENA from Binance, according to Spotonchain data. The whale then staked all the tokens, transferring them to an unknown wallet, making it one of the top stakers globally. This action came after Ethena’s announcement of “Season 2,” which offers increased staking rewards.
Despite the overall downturn in the cryptocurrency market, ENA’s price has surged. SpotOnChain insights reveal that 114 million ENA tokens have been staked in the last two days, driving this rally. Additionally, Binance announced the opening of trading for the ENA/USDC pair, further boosting the token’s rise.
Support for ENA Grows
The company has announced the activation of trading bot services for ENA, including Spot Grid, Spot DCA, and Rebalancing Bot for the ENA/USDT pair, as well as Spot Algo Orders for the ENA/USDC pair. This move underscores the company’s efforts to promote ENA and signals a positive market trend for the token. Ethena’s recent price movement reflects this optimism, with significant gains today.
Ethena’s token has increased by 8.50% over the past 24 hours, trading at $1.31. This price rise may be attributed to the developments mentioned earlier. Additionally, Coinglass reports a 10.79% increase in the token’s open positions, indicating growing investor interest. Together with Ethena’s upward price trend, market data suggests a bullish outlook for ENA.
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