In a spotlight-stealing event witnessed within the crypto realm, ENA, the native cryptocurrency of the Ethereum-based synthetic dollar protocol Ethena, defied the broader crypto market downturn today as its price rallied nearly 10%. This price rally promptly piqued substantial investor interest as a couple of bullish factors appear to be primarily fueling this upsurge. Here’s a closer look into the potential factors that aided ENA’s price upswing today.
ENA Staking On The Rise
According to the insights revealed by the blockchain tracker Spotonchain, a whale withdrew 6 million ENA from Binance today, April 10. Intriguingly, the whale promptly staked all the tokens gathered from Binance, catapulting the unknown wallet address into one of the top stakers within the ENA contract.
Notably, the same address previously staked 8.96 million USDe, adding to the whale’s position as the top staker. Meanwhile, this massive move by the whale follows Ethena’s announcement of “season 2,” offering users increased staking rewards.
Despite the broader crypto market’s downturn, ENA’s price rallied remarkably, as mentioned above. According to insights revealed by SpotOnChain, this rally aligns with a staggering 114 million ENA tokens that have been staked in the past two days.
Binance Extends Support
Additionally, Binance, the world’s leading cryptocurrency exchange, today announced that it will open trading for the ENA/USDC pair starting April 11 at 08:00 UTC, adding fuel to the token’s pump. In the interim, the firm also announced that it would enable trading bot services for ENA, commencing Spot Grid, Spot DCA, and Rebalancing Bot for ENA/USDT, whereas it would also provide users with Spot Algo Orders on the ENA/USDC pair.
This announcement further underscores an optimistic market trend for the token, showcasing the world’s leading CEX’s efforts to jack up ENA. Ethena’s price action mirrored the optimism birthed by the abovementioned chronicles, showcasing remarkable gains today.
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Ethena Price Soars
As of writing, the Ethena token rallied 8.50% in the past 24 hours and is currently trading at $1.31. This surge in price primarily aligns with the potential reasons mentioned above.
Meanwhile, Coinglass spotlighted a whopping 10.79% increase in the token’s open interest, further underlining investors’ increased interest in the asset. Coupled with Ethena’s notable upward price trajectory, market data paints a bullish outlook for ENA.
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The post Ethena (ENA) Price Soars 10%, Here’s Why appeared first on CoinGape.
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