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With excitement surrounding the staking feature, the Ethena price surged by 76% in just one week, reaching a trading value of $1.23.
Ethena, an Ethereum-based synthetic dollar protocol, offers a decentralized financial solution independent of traditional banking infrastructure, introducing the ‘Internet Bond’ for global dollar-denominated savings. Since the $ENA token launch, it has seen remarkable price surges.
On April 8, the Ethena Labs community incentivized users to lock 50% of their USDe holdings in $ENA, resulting in a 50% increase in rewards and maximum daily rewards per pool. Following this announcement, TVL surged by 8.5% in the last 24 hours, reaching $2.24 billion.
In addition, two major crypto whale wallet addresses, 0xd38 and 0x29f, withdrew a significant 8.59 million $ENA tokens valued at $11.8 million from Binance. In just 15 minutes, these tokens were swiftly staked in the ‘Ethena: LP Staking’ contract.
$ENA Price Prediction
The Ethena token is currently trading at $1.24, displaying impressive activity with a 24-hour trading volume reaching $1.01 billion and a market cap standing at $1.78 billion. Over the past 24 hours, $ENA has experienced a modest 1.22% increase.
Despite fluctuations, the Ethena price has been demonstrating resilience, maintaining a range between $0.98 and $1.39. While there is a potential for a correction upon reaching $1.39, it indicates a significant upside potential.
With an RSI of 99.01 over the last 14 days, the $ENA token is considered undervalued, though the market sentiment remains bullish, as evident from its position above the ’50’ mean level. Continued buying pressure may propel Ethena’s price beyond the $1.39 mark, leading to new market highs.
Pivot point analysis highlights strong support levels at $1.14, $0.98, and $0.88, with resistance levels at $1.40, $1.50, and $1.66, respectively.
Watch the video above for an in-depth analysis of Ethena’s crypto price predictions, and follow his YouTube channel. Additionally, join Jacob Crypto Bury’s Discord server for valuable trading insights and information on upcoming crypto presales.
Other Crypto with 100X Growth Potential Post-Launch
Although the $ENA token shows promising future potential, investors are flocking to Dogecoin20 to secure their positions ahead of the anticipated launch, which could yield returns of up to 10X or more. Check out our $DOGE20 price prediction for valuable insights into its potential value trajectory.
Dogecoin20, the latest meme coin iteration launched in March 2024, offers enhanced features, notably its staking mechanism. Differing from Dogecoin, it operates on Proof-of-Stake consensus, allowing storage in self-custody wallets as an ERC-20 token.
Staking $DOGE20 boosts holdings without the need for extensive hardware or electricity. Over the first two years, 15% of the total $DOGE20 supply will be allocated to stakers, with a focus on the initial year for 12.5% distribution and 2.5% in the second.
🌿🐕 #DOGE20 stands out as a more eco-friendly and adaptable version compared to the original #DOGE, thanks to its operation on Ethereum's Proof-of-Stake network. 🔋
Being an ERC-20 token, it effortlessly fits into any well-known self-custody wallet for convenient storage. 📥 pic.twitter.com/qkYXjlcnjY
— Dogecoin20 (@DOGE_COIN20) March 20, 2024
Currently, the staking APY is at 50%, supported by over 56 billion tokens staked. However, as more tokens enter circulation, the APY will decrease. Potential investors can visit our guide on how to by Dogecoin20 token here.
The project recently reached its hard cap of $10 million ahead of the decentralized exchange (DEX) launch, yet latecomers have a final chance to participate at $0.00022 per token. To join the presale, connect your Ethereum wallet and use $ETH, $USDT, or a card for purchase.
Consider immediate staking to capitalize on the high APY. During the presale, investors can acquire 35 billion $DOGE20 tokens, representing 25% of the total supply. Stay informed on this crypto presale by following Dogecoin20 on X and joining their Telegram channel. To take part in the $DOGE20 token presale visit dogecoin20.io.
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