Blog

ENA, the native cryptocurrency of the Ethereum-based artificial greenback protocol Ethena, has registered a powerful 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 Becomes Big Success

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

According to on-chain information analyzed by Arkham Intelligence, the most important recipient of the Ethena Labs airdrop acquired a exceptional sum of almost $2 million in ENA tokens. Wallet 0xb56 emerged because the recipient of three.3 million ENA tokens, equal to $1.96 million.

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

The largest $ENA recipient to date has been 0xb56, who acquired 3.30M ENA value $1.96M.

Track 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 present, there are 22,200 claimers of the airdropped ENA tokens. The whole claimed ENA as of press time is 236,886,283 which is 32% of the entire $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 companies. Within its ecosystem, it options the USDe artificial greenback and the ‘Internet 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, based on Ethena Labs’ homepage. Over the final month, the market capitalization of USDe has elevated by 135% to achieve $1.58 billion, positioning it because the fifth-largest stablecoin.

ENA 10x Price Rally Possible

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

Last week on March 29, the Binance Launchpool introduced the launch of Ethena Labs’s ENA token because the fiftieth venture on the platform. Since then, Ethena has gained consideration of a few of the high business gamers. Earlier as we speak, BitMEX CEO Arthur Hayes stated 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. Based on this statement, he forecasted a major surge within the Ethena worth upon the entry of Korean buyers into the buying and selling area

✓ Share:

Bhushan is a FinTech fanatic and holds a great aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in direction of the brand new rising Blockchain Technology and Cryptocurrency markets. He is 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.

The introduced content material might embrace the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability to your private monetary loss.