While the crypto market reels under a broader correction, Ethena (ENA) has emerged as a standout performer, surging 10% to $1.20 within the last 24 hours. This rally comes amid intensified whale accumulation and a strategic partnership with Donald Trump’s World Liberty Financial (WLFI).
Ethena’s trading volume skyrocketed by 174%, exceeding $1 billion, while open interest climbed 20% to $700 million, according to Coinglass data. These indicators suggest sustained bullish sentiment among traders. On a monthly scale, ENA has posted gains of over 100%, driven by the surging demand for its USDe synthetic dollar, now boasting a market cap of $6 billion.
Whale Accumulation and Key Purchases
Spot On Chain reports significant whale activity around ENA tokens. A noteworthy development saw WLFI acquire 231,726 ENA tokens for $250,000 USDC, bringing their total holdings to 741,681 ENA at an average price of $1.011. This strategic move aligns with WLFI’s partnership with Ethena Labs to enhance liquidity and DeFi rewards.
Simultaneously, a newly created wallet withdrew 5.29 million ENA tokens worth $5.92 million from Binance, signaling calculated buying during a price dip. Such activity underscores growing confidence in ENA despite market turbulence.
Strategic Partnership Fuels Optimism
Ethena Labs’ collaboration with WLFI focuses on integrating USDe as core collateral within WLFI’s Aave-based lending platform. This development is expected to bolster USDe liquidity and expand user incentives.
USDe’s soaring market cap—surpassing $6 billion—has elevated it to the third-largest stablecoin, overtaking DAI. This robust growth reflects strong ecosystem dynamics and investor confidence.
What Lies Ahead for ENA?
Despite its recent rally, ENA has struggled to decisively breach the $1.20 resistance. For sustained momentum, bulls must push the price higher. However, market analysts remain optimistic, with predictions of ENA hitting $5, $10, or even $20 in the near future.
CryptoELITES remarked that ENA’s ecosystem expansion and strategic partnerships are paving the way for substantial growth, potentially marking the beginning of a long-term bullish trend.
As whale accumulation intensifies and partnerships expand, Ethena’s trajectory is worth watching closely in the evolving crypto landscape.
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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