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The Ethena price has dipped 5% in the past 24 hours to trade for $0.8061 as of 03:00 a.m. EST on trading volume that dropped 8%.
The ENA price has also slumped 10% in the past seven days, according to CoinGecko. This is as the broader cryptocurrency market remains in a state of uncertainty, with the Bitcoin price still stuck in the $61,000 range.
Nevertheless, while the Ethena price continues to struggle, the ENA token is trending among Hawk Apps hot coins today.
🔥 Hot Trending
💎 Ethena $ENA
💰 Price: $0.815
⚡️ 24h change: -2.68%
📈 24h high: $0.852
📉 24h low: $0.815#Ethena pic.twitter.com/AvonxPf9xB— Hawk App (@hawkApp_) May 13, 2024
The token is trending amid FUD (fear, uncertainty, and doubt) following negative publicity. Reportedly, project developers are “evil and greedy,” X user @HTXLedger notes, adding that the project is “dead already.”
Mega hypped #ethena $ENA @ethena_labs seems to be dead already, and of course the cause is simply the developers being evil, and greedy.
They have no clue how crypto works, and that has to destroy the investors lives.
Good job.
— Ledger (@HTXLedger) May 12, 2024
Another reason the token is trending is that the protocol has amassed over $2.307 billion in Total Value Locked (TVL), according to DefiLlama. @GuerrillaBuzz said on X that it is “the fastest-growing stablecoin in history.”
📑#Ethena is rewriting the record books! In just 7 weeks, it has amassed over $2 billion TVL, making it the fastest-growing stablecoin in history. 🤯 With yields over 30% APY on USDe and a $12 billion valuation for its $ENA token, the hype is real! pic.twitter.com/gj2Qsl8Bl7
— GuerrillaBuzz (@GuerrillaBuzz) May 12, 2024
The ENA ecosystem also released its roadmap recently, making it one of the fundamentals influencing the Ethena price.
👉 #Ethena's new roadmap update shows many new stories.
👉Most recently, USDe was approved as collateral for derivatives, BTC and ETH spot transactions on the #Bybit exchange.
👉In particular, the new update also mentions $ENA as a #RWA project with the ability to attract… https://t.co/agHbjGo7fy pic.twitter.com/X0p3i93pkV
— Pawn (@Four0905) May 12, 2024
Meanwhile, there have been some big money moves recently, with up to $12.6 million worth of the token sold on Bybit exchange.
🚨 Big Money Moves: $12.6M Worth of $ENA Sold on #Bybit
Major #Ethena Movement Alert:
🔹 Wallet Address: 0x58FDFC3A08934fC45c6E262d626e71bEfd2b4e82
🔹 Amount Deposited: 14.53M #ENA (≈ $12.54M)Transaction History
🔸 Initial Receipt: Wallet 0x58FD***2b4e82 received 14,533,535… pic.twitter.com/qzt1m5EM2P— Crypto Patel (@CryptoPatel) May 11, 2024
Ethena Price prediction
The Ethena price is trading with a bearish bias, stuck in the pits of the market range below the 78.6% Fibonacci retracement level of $1.0263. A look at the Relative Strength Index (RSI) shows that momentum is falling as the RSI has slipped below the mean level of 50.
The Moving Average Convergence Divergence (MACD) is also in negative territory, suggesting the bears are leading the ENA market. Increased selling pressure could see the Ethena price drop to the bottom of the market range at $0.7568, levels last tested on April 3. In a dire case, the dump could extend for the ENA price to record a lower low.
GeckoTerminal: ENA/USD 1-day chart
On the flip side, the MACD is moving above the orange band of the signal line. This shows bullish sentiment is growing, which could bode well for the Ethena price.
While a move above the 78.6% and 61.8% Fibonacci retracement levels would be ideal, only a candlestick close above the 50% Fibonacci placeholder of $1.3866 would invalidate the bearish thesis.
Elsewhere, some investors are shifting their attention to eTukTuk, a presale that continues to gain momentum in the crypto space with funds raised of more than $3.284 million.
Jacob Bury, a prominent crypto analyst on YouTube, has expressed optimism about the project, suggesting that $TUK could potentially surge 10x after launch.
Promising Alternative To Ethena
TUK is the powering token for the eTukTuk project, which aims to help Tuk Tuk drivers in South Asia and Africa to adopt a more energy-efficient mode of transportation.
At the heart of the project are the development of proprietary electric Tuk Tuks and a network of electric vehicle charging stations. The project also utilizes blockchain technology, and artificial intelligence (AI).
Did you know that carbon emissions from vehicles contribute significantly to climate change, air pollution, and global heath crises!
From extreme weather events to respiratory diseases, the impacts are profound.
By choosing #eTukTuk's, you're not just making a transportation… pic.twitter.com/zvb3lmJJyp
— eTukTuk (@eTukTukio) May 4, 2024
Developing economies make for the project’s main target, as it leverages the $TUK token to establish Electric Vehicle Charging Stations (EVSEs). To this end, it leverages a well-defined concept, meeting users where blockchain tech and sustainability intersect.
Which side are you on? 🤔
Join the eco revolution with #eTukTuk and let's drive towards a greener, cleaner future! 🌿🚗 pic.twitter.com/Kxwte0SVe6
— eTukTuk (@eTukTukio) May 12, 2024
By choosing eTukTuk, you’re not just making a transportation choice, you’re taking a stand for a cleaner, healthier planet.
From endangering ecosystems to accelerating climate change, rising air pollution knows no bounds.
Let's take action for cleaner air with #eTukTuk. pic.twitter.com/3IIfYh8m1I
— eTukTuk (@eTukTukio) May 8, 2024
Investors in TUK can earn passively via it staking system, which offers an annual yield of 84%.
The project is also launching a play-to-earn (P2E) game, Crazy Taxi, in which players race around the streets of Sri Lanka, picking up and dropping off customers.
Introducing Buy and Stake mechanism, get $TUK tokens and instantly stake them, initiating a dynamic APY.
Early stakers enjoy higher returns as APY adjusts with participation, encouraging early adoption and a fair, enticing incentive structure for all. 💫 pic.twitter.com/pMrXEZzB3f
— eTukTuk (@eTukTukio) October 10, 2023
To participate in the presale, you can buy $TUK at $0.0315 per token before the price increases in a little more than seven days.
Also Read:
- Green AI Revolution in Web3 – Here’s How You Can Seize the 100X Opportunity With eTukTuk
- eTukTuk (TUK) Storming Into 2024 With Massive Funding, Learn Why Here
- eTukTuk Strives to Bring Sustainable Transport to Developing Nations With Its Innovative Three-Wheeler EV and Charging Infrastructure
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