Ethena, a newly launched DeFi protocol, has been trending in the market since its launch. The Ethena price has surged more than 100% within a week and is still continuing to surge more. So, why is the token price rising, and will it achieve the $2 market anytime soon? Let us discuss that in this blog.
Ethena Price Analysis
Ethena is trading at $1.38 after an 18% hike within a day. The token was launched barely a week ago and has been dominating the market in terms of performance. It has a market cap of $1,962,202,142 after an 18% hike, and its trading volume is also up by 57%, pushing the value to $1,400,980,007.
Till now, the highest value achieved by Ethena is $1.39, which happened just a few hours ago, and with the ongoing bullish nature of this crypto, it might cross it again within the next few hours.
Also, the lowest Ethena price was just $0.5275, which was its initial price when it was made live in the crypto market on the 2nd of April.
Top Reasons Why Ethena Price Will Surge To $2
Ethena has spiked continuously from the start. Based on that, the community is expecting the Ethena price to target the $2 mark in the next few days.
A few analysts believe three factors, including the demand for tokens, Ethena Labs’ progress, and the current bullish situation can push the Ethena prices to $2.
Increased Demand for Ethena
Being new to the market, Ethena has already built hype among investors. With its initial price surge, the demand for this token has already increased. Based on this, more and more people are connecting to this token, helping with the price surge.
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Investors like Ramen Panda favor the ENA tokens and share future predictions, helping with the hype of the token among the community.
I think $ENA has a very high chance of making it to top 10
At current market cap, that would mean a price of $15
— RamenPanda (@IamRamenPanda) April 7, 2024
Increased Staking Rewards
Ethena (ENA) is the native token of Ethena Labs, and recently, Ethena Labs has announced a 50% surge in staking rewards. According to the announcement, the investors are allowed to lock their ENA tokens for at least a week. Also, the users who will lock more than 50% of their tokens are eligible for a 50% reward boost.
Today we introduce $ENA into Season 2 in order to more closely align the growth in USDe with $ENA
Users who lock $ENA at a minimum of 50% of their total USDe holdings per wallet will receive
i) 50% increase in their rewards
ii) the highest number of rewards per day of any pool pic.twitter.com/zxVmpGZSN6— Ethena Labs (@ethena_labs) April 8, 2024
As a result of this announcement, more than 11.9 Million tokens worth $15.23 million have been withdrawn from the Binance exchange to participate in staking.
It was one of the major factors in its current price surge and will also play a significant role in pushing the price further.
Bullish Market Situation
Many cryptocurrencies are trading in green today, indicating a bullish market situation. The fear and greed index also reported high greed. The bullish situation is also pushing the Ethena price. If the condition stays the same, Ethena will hit the target of $2 within a few days.
The Bitcoin halving event is also known to initiate a pre-halving price rally, which might influence the ENA prices. A long bull run will follow the pre-halving price rally soon after the halving events. Based on this, a few analysts believe Ethena might reach the $5 mark once the bull run starts.
Conclusion
Ethena has gained a big hike within a week, highlighting its popularity among crypto investors. Factors including the Ethena Labs’ continuous progress and the ongoing bullish sentiments might help the Ethena price to surge to a high of $2 soon.
Read More Ripple CEO Brad Garlinghouse’s Crypto Prediction For 2024
The post Top Reasons Why Ethena Price Might Hit $2 Soon appeared first on CoinGape.
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