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Ethena Price Prediction: ENA Surges 50% As This World-First AR/VR Crypto Closes On $4 Million

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Ethena price
Ethena price

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The Ethena price soared 50% to trade for $0.948 as of 09:03 a.m. EST time as trading volume exploded nearly 200%.

The ENA token has merited the top search position on Scopechat following the network’s recent airdrop and a flurry of whale transactions.

The airdrop of the protocol’s ENA token debuted on April 2 as it started trading on top cryptocurrency exchanges. Based on the report, the largest Ethena airdrop recipient gets nearly $2 million.

The protocol, known for its innovative approach in the issuance of synthetic dollars, aims to provide a crypto-native solution for money that does not rely on the infrastructure of the traditional banking system.

ENA is the powering token for the Ethena decentralized finance (DeFi) protocol, a synthetic dollar protocol built on the Ethereum blockchain. It introduces a novel stablecoin called USDe. Unlike traditional stablecoins tied to fiat, the USDe is collateralized with crypto assets and short futures positions.

Ethena Labs launched the mainnet version of its USDe synthetic stablecoin on February 19. This was after it raised a round backed by venture capital firm Dragonfly, among others. This follows an earlier round of $6 million raised from Binance Labs, Bybit, OKX Ventures, and Gemini, among others.

Analysts Express Skepticism About Ethena After MakerDAO’s DAI Allocation

Ethena’s airdrop came on the same day as a Spark SubDAO proposal on the MakerDAO forum. The proposal was presented such that 600 million of the network’s DAI tokens would be allocated to Ethena’s USDe and staked USDe (sUSDe) through Morpho Labs.

An excerpt from the proposal indicated, “This will scale up gradually as Ethena grows, but for the time being, we believe it is prudent to cap total allocation at this level.” The move would have a significant impact on Ethena’s Total Value Locked (TVL), seeing it grow significantly. Ethena also indicated plans to diversify its delta hedging into Bitcoin in the coming months.

Nevertheless, Spark SubDAO’s proposal drew criticism from Aave (AAVE) co-founder Marc Zeller. According to the Aave executive, the move is “reckless,” and proceeded to write a proposal to remove DAI’s collateral status on Aave.

Besides Zeller, crypto analyst famous for predicting UST’s fall, TardFiWhale.eth, posted a thread on X to suggest that there are several risks in Ethena USDe. The analyst particularly stressed about the move from MakerDAO.

Ethena Price Prediction

The Ethena price is consolidating within the confines of an ascending parallel channel in the 30-minute timeframe. The odds favor the upside, seeing as the Relative Strength Index (RSI) remains well above the 50 mean level. Also, the histograms of the Awesome Oscillator (AO) are in positive territory. Reinforcing the bullish outlook.

Increased buying pressure above current levels could see the Ethena price shatter resistance at $0.968. A break and close above this level on the half-hour time frame would set the tone for a continuation of the trend.

Ethena price

TradingView: ENA/USDT 30-min chart

Conversely, if ENA holders start cashing in on the gains made, the Ethena price could retract. For the bullish thesis to be invalidated, the ENA price must break and close below $0.806. Such a move would constitute a fall of around 15% below current levels.

Meanwhile, 5SCAPE is gaining investor attention as it pursues the world’s first AR/VR crypto presale that connects the smartest minds together. Analysts say it could be the next 100X token.

Promising Alternative To Ethena

5th Scape is out to be a game-changer in the VR and AR space, bringing in a new age for this technology. It leverages the currently-in-development Cage Conquest MMA game model to deliver this revolution.

Investors looking to diversify their portfolio may consider unlocking the limitless potential of the virtual realm with 5thScape. Its presale has already collected over $3.67 million out of a target objective of $3.75 million.

The project focuses on VR games. However, there are plans to feature other forms of VR and AR content such as educational experiences, social applications, and creative tools.

The ticker for the 5th Scape project is 5SCAPE, a utility token within the ecosystem. Token holders have unlimited access to premium VR content, voting rights, and potential staking opportunities for holders.

The 5SCAPE has multiple use cases. For starters, it provides access to premium VR content, such that holders receive exclusive access to games, experiences, and features within the platform.

It is a Play to Earn (P2E) token, with this mechanism enabling players to get incentives with 5SCAPE tokens that can be traded upon listing. Additionally, the token has a staking function, that enables users to lock up their tokens for a period to earn rewards.

5th Scape Project Tokenomics

5th Scape has a total token supply of 5.21 billion. The presale aims to sell 80% of the supply, with a fundraising goal of up to $15 million.

5Scape tokenomics

5SCAPE tokens are priced at $0.00248 each, with an almost 15% price increase coming soon.

With the listing price fixed at $0.01, investors who buy now can lock in gains of 303% by the time of listing.

5SCAPE Presale

Visit and buy 5SCAPE here.

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