Ethena (ENA) Price Rally to $2 Begins Amid Massive Whale Buying

The Ethena (ENA) price has witnessed a spectacular rally of 329% ever since the ENA token launch and its inception price of $0.29. As of press time, ENA is trading at $1.45 with its market cap already surpassing the $2 billion milestone. On-chain developments indicate that the ENA price rally won’t be stopping anytime soon with whales buying in big numbers.

Ethena Whale Buying

According to insights from Lookonchain, a significant transaction has been observed involving a whale acquiring 2.19 million $ENA tokens, valued at approximately $3.14 million, through the expenditure of 896 $ETH. This notable acquisition occurred within the past 18 hours.

Speculation arises that the entity behind this substantial purchase may be Tokka Labs, specifically Altonomy, reports Lookonchian citing data from Etherscan.

A whale spent 896 $ETH($3.14M) to buy 2.19M $ENA at $1.43 in the past 18 hours.

This whale may be Tokka Labs (Altonomy).https://t.co/7yS4M0xxqE pic.twitter.com/UprFelseBh

— Lookonchain (@lookonchain) April 12, 2024

This massive whale buying shows growing confidence in the altcoin and its ecosystem. Also, the underlying demand for Etherna seems healthy with little signs of exhaustion

The ENA token has experienced a notable surge, surpassing the $1.20 threshold, which has led to an ascending triangle breakout. Analysts interpret this breakout pattern as a strong signal for a potential continuation of the bullish trend in the altcoin market.

Based on analysis using Fibonacci levels, experts suggest that the breakout rally may propel the Ethena (ENA) price towards the $1.76 mark. However, in the event of a broader market recovery, there is optimism that the altcoin could target the $2.67 level.

Ethena Wallet Integration and High Yields

Ethena Labs, a leading synthetic stablecoin protocol, has revealed its recent collaboration with centralized exchange wallets including Binance, Bybit, OKX, and Bitget, effective from April 10.

The primary objective behind this integration is to enhance user accessibility and offer enticing incentives for staking their USDe stablecoins within the Ethena ecosystem.

In line with this integration, Ethena developers have introduced an attractive reward mechanism for users who lock their USDe stablecoins for a minimum of 7 days using the supported exchange Web3 wallets.

Starting from the date of the announcement, eligible participants will enjoy a 20% reward boost in the form of “Ethena sats.” These sats can later be converted to the protocol’s native ENA token at the conclusion of each campaign, presenting users with an added incentive to engage in the staking process.

Investors staking USDe for at least seven days are currently enjoying an annualized yield of approximately 37%. This attractive yield has prompted a significant surge in the total value locked (TVL) on the protocol, soaring from $178 million to $2.3 billion within a mere 60-day period, marking a remarkable 12-fold increase.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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