• Whereas most altcoins are struggling, Etena (ENA) value reached a excessive of $1.49, surging over 18% in 24 hours.
• Bullish temper might push ENA costs increased as ENA holders obtain new staking rewards.

Etena (ENA) traded as excessive as $1.49 on Wednesday, an all-time excessive that exhibits the not too long ago launched crypto venture is on its approach to turning into one of many high 50 cryptocurrencies by market cap.

In accordance with CoinGecko knowledge, Ethena is ranked 58thth It’s the largest firm with a market capitalization of over $2.07 billion. On the time of writing, the token was valued at round $1.45, up 18% previously 24 hours and almost 30% within the final week.

Why are Ethena costs hovering immediately?

Right now’s rise in ENA comes as Bitcoin continues to hover round key ranges following its current decline. Main US indexes fell after the CPI knowledge hit and US President Joe Biden's feedback on rate of interest cuts, and high altcoins additionally fell because the crypto market mirrored the inventory market.

Whereas BTC, ETH, and different tokens have struggled, ENA value has benefited from a surge in staking. Ethena (ENA) is the native token of Ethena Labs, an artificial greenback protocol on Ethereum. USDe is a stablecoin with a yield.

The announcement of elevated rewards for staking individuals earlier this week seems to have elevated exercise, together with top-tier Etena whales.Wednesday, Ethena Institute introduced Integration with high change wallets comparable to Binance Web3, Bybit, OKX Pockets, Bitget Pockets.

Customers who lock up USDe for at the least 7 days by way of any of those change Web3 wallets will probably be eligible for a 20% enhance in rewards.

On Monday, the protocol rolled out its “Season 2” staking rewards, with customers who’ve locked greater than 50% of their tokens eligible for a 50% enhance in rewards.

What I’ll introduce immediately is $ENA We're shifting into Season 2 to extra intently align USDe development. $ENA

Person to lock $ENA You’ll obtain at the least 50% of the overall USDe holdings per pockets.

i) 50% enhance in compensation
ii) Most variety of rewards per day within the pool pic.twitter.com/zxVmpGZSN6

— Ethena Labs (@ethena_labs) April 8, 2024

In accordance with on-chain Knowledge shared by Lookonchainbecause the announcement of Season 2 rewards, a number of whales have withdrawn and staked tens of millions of ENA from the change.

Ethena not too long ago introduced a 750 million ENA airdrop to its neighborhood.