Ethena (ENA), a new and trending cryptocurrency has made headlines again as its price has jumped by almost 12% in the last 24 hours. The token has defiled the global market downturn to record substantial gains within the period in view.
Since its launch earlier this month, Ethena has caught the attention of investors and the larger crypto community with its impressive price movement. As a result of the huge momentum behind the project, its native coin ENA has grown to be one of the top 100 cryptocurrencies in the market.
Ethena (ENA) is a synthetic dollar DeFi protocol built on the Ethereum network. The project provides a crypto-native solution for funds that is not based on the traditional banking system infrastructure. Several factors contributed to the price movement of the token today. Let us take a look at some of them.
Whale stakes massive on Ethena
Spotonchain, a popular blockchain transaction tracker, reported earlier today that an unknown whale had withdrawn a massive amount of ENA from the Binance exchange, up to the tune of 6 million tokens, and promptly staked all of it. As a result, the anonymous address now become one of the top ENA stakers in the market.
Interestingly, this is not the first time the whale will stake a substantial amount of tokens. Other reports show that the investor has previously staked a mouthwatering 8.96 million USDe, cementing its position as a top staker. It is important to note that the move by the whale comes amid Ethena’s announcement of a season 2 which offers users more staking rewards. This has propelled the price of ENA to rise above 12% at the time of writing.
Binance adds USDC trading pair
Cryptocurrencies tend to exhibit a sharp upward movement when a major crypto exchange extends support. Ethena (ENA) is not left behind on this trend. Binance, the largest cryptocurrency exchange by trade volume has announced that it will introduce the ENA/USDC trading pairs on April 11 at 08:00 UTC. Following the update, the token’s price went up north in anticipation. Binance had previously listed ENA on April 4 with support for ENA/BTC, ENA/USDT, ENA/BNB, ENA/FDUSD and ENA/TRY trading pairs. The addition of USDC to the list underscores its growing acceptance by market investors.
Meanwhile, the popular crypto exchange also declared that it will enable trading bot services for ENA, meaning that the Spot Grid, Spot DCA, and Rebalancing Bot for ENA/USDT will be enabled. Additionally, Spot Algo Orders on the ENA/USDC pair will also be available to users.
These combined factors have provided grounds for the upswing of ENA over the last day. According to CoinMarketCap data, Ethena (ENA) is currently selling at $1.39 representing a 13% increase in the last 24 hours. What is more, the trading volume has surged by 3% to sit at $1,233,385,296 ($1.2 billion) with a live market cap of $1.9 billion.
