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The Ethena price has soared by over 22% in the past 24 hours to trade for $1.008 as of 01:40 a.m. EST time on trading volume that slipped 3%.
The surge comes after a successful Ethena airdrop for its ENA token that triggered a buying frenzy that has sent the Ethena price on a tear.
#Ethena Labs conducted a significant #airdrop, distributing $450 million in $ENA tokens, with the largest share worth about $1.96 million going to a single wallet.
This event followed the token's listing on major exchanges.
— The Advisor (@CaoPetersen) April 4, 2024
Users are also taking advantage of the fact that ENA is now available on top cryptocurrency exchanges such as Binance, Bybit, OKX, and MEXC.
listing with billions of marketcap #W #ENA
Not easy to join trades.
— Rose Premium Signal (@RoseVIPSignal) April 4, 2024
Amid the euphoria, some say ENA is still undervalued going by the technology, functionalities, and utility in store.
I think $ENA is still way undervalued going by the tech, functionalities and utility in store. I’m glad i bagged some on bitget after listing
— MJ 🐉$MON (@Aaima___) April 3, 2024
In hindsight, ENA’s new journey started after it listed on Binance. Then, it peaked at $1.230, settled at $1.056. While today’s 24% surge is remarkable, there is potential for a downtrend as the listing mania appears to be already priced in.
Besides this, other indicators of a looming downtrend include the current volatility in the market with the BTC price stalling.
Ethena Price Prediction As Market Volatility Heightens
The Ethena price has slipped below an ascending trendline to test the $0.968 support on the 2-hour time frame. If this support gives way, the ENA price could extend the fall to $0.806. However, the position of the Relative Strength Index (RSI) is promising, moving horizontally as if to defend against further downside.
This coupled with the hammer candlestick, which suggests that the Ethena price is trying to determine a bottom, suggests that the downside is likely to be capped at $0.968, or in a dire case $0.806.
TradingView: ENA/USDT 1-day chart
Meanwhile, analysts say consider Sponge V2 for your portfolio as you look to spread risk amid a volatile crypto market. With the Ethena price flashing a potential downtrend, this 2.0 meme coin could be a good alternative as it approaches launch on top-tier exchanges.
Promising Alternative To Ethena
Sponge V2, ranked by analysts as a top meme coin pick for exponential gains, announced the discontinuation of its predecessor, Sponge V1, in February. With this, the project migrated to the Polygon chain after a malicious attack on its liquidity pool.
📣 Attention, #SPONGERS!
Here is some important information to remember about $SPONGE V2!$SPONGE V1 has officially been discontinued, and V2 has been launched on #Polygon! 🔥
Learn more about the token details below 👇https://t.co/TCdxgXx40w
🧵1/3 pic.twitter.com/YZzXOlKmHY
— $SPONGE (@spongeoneth) February 6, 2024
This migration to the Polygon network offers cheaper and faster transactions while mitigating the impact of the ERC-20 smart contract hack.
Buy $SPONGE or stay poor 🧽💦 pic.twitter.com/ELUaNzxS8H
— $SPONGE (@spongeoneth) March 22, 2024
The project is making a strong comeback in 2024, thanks to the exciting launch of its sequel, bringing forth a new and special staking model, a Play-to-Earn (P2E) game, and a big marketing budget.
🌟 With bigger exchanges on the horizon and added #P2E utility, #SpongeV2 is set to be bigger and better than ever!
We’re not here to take part, we’re here to take over! 🧽💦
$SPONGE #Crypto #Web3 #Alts pic.twitter.com/BlGZhYKjoe
— $SPONGE (@spongeoneth) March 27, 2024
Experts including Crypto Gains say Sponge V2 is poised to repeat the success of its predecessor, $SPONGE, which recorded 100x gains after its launch last year in a bear market.
With plans already underway to have the Sponge V2 meme coin listed across multiple exchanges after Poloniex, token holders are enjoying annual percentage yields (APY) from staking as high as 168% on Ethereum and 371% on Polygon.
Already, upwards of 9.624 billion tokens have already been staked. That is a key reason why analysts rank it among the top five cryptos to invest in now.
Enjoy Sponge P2E Gaming
To increase community engagement, Sponge V2 has also introduced a new P2E racer game. This is where players can compete against each other for a chance to win SPONGE V2 tokens as rewards.
The unique play-to-earn (P2E) game introduces a new utility to the token. Players can earn $SPONGEV2 tokens by participating in the game and achieve rankings on the leaderboard.
Don't forget, #SPONGERS! 🧽💦#SpongeV2 is bringing exciting utility through our upcoming #P2E game! 🔥
Get ready to earn $SPONGE tokens by playing the game and ranking on the leaderboard.
Stay tuned for more info! 🚀#MemeCoin #Crypto #Alts #100x pic.twitter.com/5aaLxGz8N1
— $SPONGE (@spongeoneth) March 22, 2024
Sponge V2 P2E offers both free and paid versions, allowing users to play for fun or use Sponge V2 tokens to purchase game credits for additional passive earnings.
With top-tier exchange listings incoming, now might be a great time to accumulate Sponge V2.
Also Read:
- How to Buy Sponge V2 On Presale – Alessandro De Crypto Video Review
- Meme Coin Sponge V2 Explodes with 390% APY Staking on Polygon – Matthew Perry Review
- Can Sponge V2 Repeat a 100x Surge In Its Upcoming Launch? Oscar Ramos Video Review
- Low Cap Meme Coin Sponge V2 Hits $29 Million in Staked and Bridged, Offering High Staking Reward
Smog (SMOG) - Meme Coin With Rewards
- Airdrop Season One Live Now
- Earn XP To Qualify For A Share Of $1 Million
- Featured On Cointelegraph
- Staking Rewards - 42% APY
- 10% OTC Discount - smogtoken.com
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