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Ethena value reaches new all-time excessive: Right here’s why ENA is surging

Must Read

  • Ethena (ENA) value reached highs of $1.49, surging greater than 18% in 24 hours as most altcoins struggled.
  • Bullish sentiment amid new staking rewards for ENA holders might push ENA value greater.

Ethena (ENA) traded to highs of $1.49 on Wednesday, its all-time excessive that sees the not too long ago launched crypto challenge rising in direction of the highest 50 cryptocurrencies by market cap.

Based on information from CoinGecko, Ethena ranked 58th largest with a market cap of over $2.07 billion. The token’s worth was round $1.45 on the time of writing, 18% up prior to now 24 hours and almost 30% up this previous week.

Why is Ethena value surging right this moment?

As we speak’s features for ENA got here as Bitcoin hovered close to a key degree following latest declines. Prime altcoins additionally dropped because the crypto market mirrored shares, with main US indices slipping amid hit CPI information and US President Joe Biden’s feedback on rate of interest cuts.

Whereas BTC, ETH and different tokens struggled, ENA value benefitted from a spike in staking. Ethena (ENA) is the native token of Ethena Labs, an artificial greenback protocol on Ethereum. USDe is a yield bearing stablecoin.

An announcement earlier this week of elevated reward for stakers appears to have spurred exercise, together with from prime Ethena whales. On Wednesday, Ethena Labs introduced integration with prime alternate wallets, together with Binance Web3, Bybit, OKX Pockets and Bitget Pockets.

Customers who lock up their USDe for no less than 7 days by way of any of those alternate Web3 wallets will likely be eligible for a 20% enhance on their reward.  

See also  Value evaluation of Dogecoin, Pepe, and Crypto.com: all prepared for the altseason

On Monday, the protocol rolled out its “Season 2” staking rewards, with customers locking 50% or extra of their tokens will likely be eligible to a 50% enhance to their reward.

Based on on-chain information shared by Lookonchain, a number of whales have withdrawn thousands and thousands of ENA from exchanges and staked because the announcement of Season 2 rewards.

Ethena not too long ago unveiled a 750 million ENA airdrop for its group.

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