Ethena (ENA) Price Surges 53% After Airdrop, More Steam Left?

ENA, the native cryptocurrency of the Ethereum-based artificial greenback protocol Ethena, has registered a robust rally gaining 53% quickly inside two hours of its profitable airdrop. At press time, the Ethena (ENA) price is buying and selling at $0.8846 with its market cap crossing $.126 billion on debut.

Ethena (ENA) Airdrop Turns into Huge Success

The much-anticipated Ethena Labs airdrop kicked off on April 2, dispersing $450 million price of ENA tokens to eligible wallets. Ethena Labs introduced that the complete airdrop allocation was efficiently distributed by 7:17 am UTC on the identical day.

Based on on-chain knowledge analyzed by Arkham Intelligence, the most important recipient of the Ethena Labs airdrop obtained a outstanding sum of almost $2 million in ENA tokens. Pockets 0xb56 emerged because the recipient of three.3 million ENA tokens, equal to $1.96 million.

The Ethena Labs airdrop went stay 2 hours in the past, with $450M of ENA to distribute.

The biggest $ENA recipient up to now has been 0xb56, who obtained 3.30M ENA price $1.96M.

Monitor ENA on Arkham:https://t.co/coFsTcBUCa https://t.co/RSZwXLhCB6 pic.twitter.com/l6c7bqKghG

— Arkham (@ArkhamIntel) April 2, 2024

As per data from Dune Analytics, at the moment, there are 22,200 claimers of the airdropped ENA tokens. The entire claimed ENA as of press time is 236,886,283 which is 32% of the whole $750 million ENA secured for airdrop.

Ethena operates as an artificial greenback protocol on the Ethereum blockchain, offering a cryptocurrency-based substitute for standard banking providers. Inside its ecosystem, it options the USDe artificial greenback and the ‘Web Bond’ financial savings instrument. USDe stands out for its stability, resistance to censorship, and backing by Ethereum collateral.

With a staggering yield of 35.4%, Ethena’s USDe has attracted greater than 123,000 people to lock in a complete worth of $1.6 billion, in keeping with Ethena Labs’ homepage. During the last month, the market capitalization of USDe has elevated by 135% to succeed in $1.58 billion, positioning it because the fifth-largest stablecoin.

ENA 10x Worth Rally Attainable

After the airdrop declare web page went stay, the Ethena token grew to become promptly tradable on main centralized cryptocurrency exchanges equivalent to Binance, Bybit, KuCoin, HTX, MEXC, and BitMart.

Final week on March 29, the Binance Launchpool introduced the launch of Ethena Labs’s ENA token because the fiftieth challenge on the platform. Since then, Ethena has gained consideration of a number of the prime business gamers. Earlier in the present day, BitMEX CEO Arthur Hayes mentioned that Etherena worth has an amazing potential to rally all the way in which to $10.

Arthur Hayes famous that ENA has begun rallying even with out participation from Korean merchants. Primarily based on this statement, he forecasted a major surge within the Ethena worth upon the entry of Korean traders into the buying and selling area

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Bhushan is a FinTech fanatic and holds aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in the direction of the brand new rising Blockchain Know-how and Cryptocurrency markets. He’s constantly in a studying course of and retains himself motivated by sharing his acquired data. In free time he reads thriller fictions novels and typically discover his culinary abilities.

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