Built on the Ethereum blockchain, the Ethena (ENA) token is a governance token and the DeFi protocol behind the USDe stablecoin. With the help of the ENA token, its holders get the ability to decide the future of the protocol.
Following its launch, it has already secured the spot of the fifth largest stablecoin in the crypto industry by market cap. Ethena Labs on 02nd April has airdropped 750 Million ENA tokens, which totals 5% of its total supply.
The Ethena’s “Shred Campaign” began on 19th February, where the users could lock their collateral to exchange ENA tokens during the distribution phase. Further, those traders are now eligible to cash out their assets.
On 2nd April, with the success of phase 1, Ethena’s incentive program began its phase 2, which is called “The SATS Campaign.” During this phase, the project plans to keep Bitcoin as collateral for the protocol, and this phase will conclude on 2nd September this year.
By bringing BTC into the Ethena ecosystem, the gates for Bitcoin perpetual contracts will unlock, resulting in an inflow of $25 Billion of open interests to the delta hedge funds, which reduces the directional risk of a token’s price movements. Further, this shows a 2.5X increase in the Ethereum future perpetual.
Positively, ENA tokens are now available on major exchanges such as Binance, Bybit, Kucoin, and other exchanges.
Is ENA The Next Big Thing?
The technical indicator, MACD, displays a constant decline in the red histogram, indicating increased buying pressure within the crypto space. Moreover, the averages show a bullish convergence, suggesting a positive price action for the Ethereum-based crypto in the coming time.
The Ethena token gained significant attention from the crypto market following its launch, resulting in the ENA price recording a jump of approximately 200% within the first few hours. However, after achieving an ATH at $0.898, the price has displayed a neutral trend in the chart.
Looking at the short-term price action, if the bulls regain momentum, the Ethena price is predicted to test a new high of $1 by the coming weekend. Conversely, if the rally fades away, the altcoin may lose momentum and fall to test its low of $0.525 this week.
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