Ethena (ENA) has captured headlines with an explosive 22.5% price surge over the past 24 hours, driven by the strategic moves of BitMEX co-founder Arthur Hayes. The synthetic dollar protocol’s token is now trading at $0.7502, with its market cap climbing to $2.13 billion. Hayes’ recent activity highlights a significant shift in his portfolio, as he transitions from Aethir (ATH) to Ethena after incurring heavy losses.
Hayes’ Bold ENA Accumulation
Blockchain analytics platform Spot On Chain reports that Hayes has purchased a staggering 16.79 million ENA tokens over two days. His average buying price of $0.66 has already yielded him unrealized profits of $1.14 million, marking a quick recovery from his $815,000 loss in ATH. The withdrawals of over 10.36 million ENA from Binance underscore his growing confidence in the project.
This move aligns with Hayes’ recent investment trends, which include profitable bets on Solana-based meme coins like FlowerAI (FLOWER) and Goatseus Maximus.
ENA Momentum and Market Milestones
The ENA market has witnessed heightened activity, with open interest rising by 23% to $374 million, according to Coinglass. Liquidations have also increased, totaling $1.29 million, dominated by short liquidations at $956,000. The token’s bullish momentum is further supported by Ethena blockchain milestones.
Ethena’s synthetic dollar, USDe, has been instrumental in driving its adoption. Unlike traditional stablecoins, USDe offers native yields and is backed by Bitcoin (BTC) and Ethereum (ETH) collateral. Its total value locked (TVL) recently surged to $4.09 billion, reflecting growing investor interest. Moreover, the integration of USDe by the derivatives platform Deribit has added significant utility to the protocol.
Ethena Labs recently celebrated the issuance of 4 billion USDe while offering an attractive 25% annual percentage yield (APY) to its users. Its launch of UStb stablecoin, collateralized by BlackRock and Securitize, has further bolstered its reputation in decentralized finance (DeFi).
What’s Next for ENA?
With ENA currently holding above the $0.75 support level, analysts anticipate a potential 33% rally to $1 if the bullish trend continues. Some speculate that the token may revisit its all-time high of $1.5, spurred by sustained interest and adoption of its innovative financial products.
Arthur Hayes’ aggressive buying spree has not only reinvigorated confidence in ENA but also spotlighted its robust fundamentals. As the token gains traction, investors are closely watching whether this momentum will sustain and lead ENA into uncharted territory.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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