- Ethena (ENA) worth 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 worth greater.
Ethena (ENA) traded to highs of $1.49 on Wednesday, its all-time excessive that sees the not too long ago launched crypto mission rising in direction of the highest 50 cryptocurrencies by market cap.
In response to 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 practically 30% up this previous week.
Why is Ethena worth surging right this moment?
Immediately’s positive factors for ENA got here as Bitcoin hovered close to a key degree following current 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 worth 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 be like to have spurred exercise, together with from high Ethena whales. On Wednesday, Ethena Labs introduced integration with high change 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 change Web3 wallets shall be eligible for a 20% increase on their reward.
On Monday, the protocol rolled out its “Season 2” staking rewards, with customers locking 50% or extra of their tokens shall be eligible to a 50% increase to their reward.
Immediately we introduce $ENA into Season 2 in an effort to extra carefully align the expansion in USDe with $ENA
Customers who lock $ENA at a minimal of fifty% of their complete USDe holdings per pockets will obtain
i) 50% enhance of their rewards
ii) the very best variety of rewards per day of any pool pic.twitter.com/zxVmpGZSN6— Ethena Labs (@ethena_labs) April 8, 2024
In response to on-chain information shared by Lookonchain, a number of whales have withdrawn thousands and thousands of ENA from exchanges and staked because the announcement of Season 2 rewards.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.
