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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.
Given the recent $ENA airdrop and our coverage of recent whale transactions, the new token from @ethena_labs was the top-searched token on Scopechat today.
What did our users find out about $ENA? AI responds 👇https://t.co/vzzStEjz8N pic.twitter.com/Fn911QRfPa
— 0xScope (@ScopeProtocol) April 3, 2024
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.
Top 10 Crypto News In The Last 24 Hours 🚀
1️⃣ 💰 Bitcoin drops down below $65K liquidating 120K traders in 24 hours.
2️⃣ 💰 Bitcoin ETFs traded staggering $111 Billion in March.
3️⃣ 💰 Largest Ethena airdrop recipient gets nearly $2M. 👇👇👇https://t.co/WO3jLFinr2 pic.twitter.com/t6OCHRYaY3
— Gutsul Crypto News (@GutsulCrypto) April 3, 2024
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.
1B $DAI
– minted out of thin air (20% of whole supply)
-into a non-battle tested protocol
-with zero risk mitigation
-weak oracles in less than a month
-for asset hyper sensible to market conditionsis the definition of reckless
Will propose LTV reduction of DAI in Aave today
— Marc “Chainsaw” Zeller 👻 🦇🔊 (@lemiscate) April 2, 2024
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.
1/ In anticipation of future investigations from relevant legal authorities concerning @ethena_labs, I have compiled evidence of highly manipulative and deceptive marketing tactics found in Ethena's documentation as of March 29, 2024. This aims to shed light on the methods…
— TardFiWhale.eth (@TardFiWhale) March 29, 2024
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.
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.
🥊 Step into the octagon with 5th Scape's MMA Cage Conquest! Experience hyper-realistic VR gameplay like never before. 💥 Over $200K raised in presale funds!
🎮 Check out our recent PR for more exciting updates!https://t.co/FPGX2dGqyd
🚀 Join the Discord for exclusive updates… pic.twitter.com/mbLx0j1W7m
— 5th Scape (@5th_scape) February 16, 2024
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.
5thScape, the cutting-edge crypto project poised to revolutionize augmented and virtual reality, offers investors an opportunity to dive into the future of immersive gaming.
With plans for innovative VR hardware and a diverse range of games, including Cage Conquest and Epic… pic.twitter.com/FaIicOGq3w
— 5th Scape (@5th_scape) March 23, 2024
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.
Join us NOW!!!!!#cryptocurrency #Token #5thscape pic.twitter.com/yNEeQrrbP1
— 5th Scape (@5th_scape) March 16, 2024
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.
Step into new worlds of imagination. 🕹️🚀@5thScape is building a next-gen #VR and #metaverse ecosystem to redefine virtual reality.
Collect rare digital assets. The possibilities are endless!
Join the community – https://t.co/ewBcsEeltG#gaming #innovation #blockchain pic.twitter.com/hUe3cDDYnT
— 5th Scape (@5th_scape) February 11, 2024
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 tokens are priced at $0.00248 each, with an almost 15% price increase coming soon.
Leaving limits behind! 🚀 We have hit another milestone and has entered the 3rd round of our presale.
So join us on this incredible journey into the future of AR/VR gaming.
#5thScape #Presale #AR #VR pic.twitter.com/ZOkwg8s34E— 5th Scape (@5th_scape) March 26, 2024
With the listing price fixed at $0.01, investors who buy now can lock in gains of 303% by the time of listing.
Also Read:
- The VR Industry Is All Set To Receive A Massive Boost Thanks to 5th Scape (5SCAPE)
- If You Believe In The Future Of AR/VR, 5th Scape (5SCAPE) Is The Best Project To Invest In
- How To Buy 5th Scape – 5SCAPE Token Presale Review
- 5th Scape Crypto Price Prediction – 5SCAPE Price Potential for 2024
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