The artificial U.S. dollar system called Ethena (ENA), which operates on Ethereum‘s platform, experienced a significant drop due to the market’s pessimistic outlook.
In the last 24 hours, ENA has decreased by 17% and is currently priced at $0.84. Its market capitalization now stands at approximately $1.2 billion, ranking it as the 68th largest cryptocurrency in terms of market size.
In a comparable manner, Ethena’s daily trading volume has dropped by 14.5% and now stands at approximately $618 million.
Based on Santiment’s figures, Ethena experienced a net loss of approximately 9.18 million tokens being taken off exchanges in the last 24 hours. In comparison, the daily exchange inflow saw a significant decrease of around 73.5%, dropping from 72.89 million to 19.28 million Ethana tokens. (Or) According to Santiment’s data, Ethena had a net withdrawal of about 9.18 million tokens from all trading platforms within the last day. The daily exchange inflow decreased significantly by 73.5%, moving down from 72.89 million to 19.28 million Ethana units.
According to the market intelligence data, there was a significant decrease of 44% in the amount of ENA exchanging hands on the platform – down from 50.72 million to 28.46 million.
The decrease in the number of traders and investors cashing out their profits is noteworthy, suggesting that market fluctuations may become less pronounced.
Based on Santiment’s data, there has been a consistent decrease in the number of daily active cryptocurrency addresses over the past nine days. The figure dropped from approximately 20,922 active addresses on April 9 to around 2,341 active addresses at the time of the report.
According to Santiment, the ENA‘s Relative Strength Index (RSI) dropped from 60 to 44 within the last 24 hours. This signifies that Ethana is currently slightly underpriced based on the indicator’s reading, and a strong surge in buying pressure could ignite a bullish trend.
For ENA to stay in the bullish zone, its RSI would need to remain below the 50 mark.
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2024-04-18 10:31