Ethena (ENA) surges 13.5% as researcher forecasts 100x growth in altcoin season

As a researcher, I’m excited about the potential growth of Ethena (ENA) in this anticipated altcoin season. With a background in crypto analysis and market trends, I’ve noticed that ENA has seen a significant surge in the past 24 hours, up 13.5%, and currently trading at $0.90. The asset’s market cap is approaching $1.3 billion, making it the 67th-largest cryptocurrency.

The synthetic U.S. dollar protocol on Ethereum named Ethena (ENA) experienced a notable increase in value. A well-known cryptocurrency analyst has forecasted a potential 100-fold price jump during the expected upswing of the altcoin market.

ENA has experienced a 13.5% increase in value over the past 24 hours and is currently priced at $0.90. The asset’s market capitalization is nearing the $1.3 billion threshold, positioning it as the 67th largest cryptocurrency in existence.

Ethena (ENA) surges 13.5% as researcher forecasts 100x growth in altcoin season

Quite similarly, Ethena’s daily trading volume surged by 22.5%, currently hovering at $285 million.

Recent excitement surrounding ENA tokens is heightened as cryptocurrency analyst Alex Wacy raises eyebrows with his prediction of an imminent altcoin rally. This potential surge could significantly benefit select altcoins, such as Ethana, within the dynamic $277.174 billion crypto market.

It appears that altcoin season is kicking off! With approximately 15% of altcoins set to deliver gains between 10 and 100 times, the importance of shrewd asset selection cannot be overstated. A single misstep could lead to missing out on significant returns. Here’s how to prepare:

— AlΞx Wacy 🌐 (@wacy_time1) May 5, 2024

Around 15% of the existing altcoins might generate returns between 10-fold and 100-fold during the expected altcoin boom, according to Wacy’s assessment.

Wacy highlights over $700 billion in accumulated value across various cryptocurrencies beyond Bitcoin and Etheree, signifying a bullish market trend.

As a market analyst, I would explain that the Total3 figure represents the aggregated market capitalization value of the 125 leading cryptocurrencies apart from Bitcoin and Ethereum. This metric serves as an essential indicator for assessing the readiness of the altcoin sector to step out of Bitcoin’s and Ethereum’s shadows in the broader crypto market.

As a crypto investor, I’d describe Wacy’s take on Ethena as follows: In his assessment, Wacy points out that Ethena is a synthetic dollar protocol designed to offer a digital substitute to traditional banking via an Internet bond in the crypto sphere.

He also mentions that ENA‘s next scheduled unlocking event is in April 2025, drawing attention to a recurring trend seen on its weekly chart which often foreshadows substantial expansion. With the current cryptocurrency market favoring altcoins, it’s expected that this pattern will result in a quicker recovery than for projects launched during downturns.

Ethan Labs, the company responsible for creating the synthetic dollar protocol, has secured approval for a new USDeFRAX liquidity pool in partnership with Frax Finance. This development is intended to expand the earning potential of the FRAX stablecoin, thereby strengthening the ecosystem that surrounds Ethana Labs.

The acceptance of the Singularity Roadmap proposal has opened up the opportunity to establish a USDeFRAX pool on the decentralized finance platform Curve, with a maximum capacity of $250 million for this stablecoin pool.

As an analyst, I’ve noticed some apprehension amidst the excitement surrounding Ethena and its associated ecosystem. This stems from concerns raised by Fantom developer Andre Cronje regarding potential risks related to Ethena’s USDe peg system. Much like UST, this mechanism utilizes collateralized positions to maintain an equivalent value with the U.S. dollar. However, past experiences, particularly with Terra’s ecosystem, have highlighted challenges associated with such designs.

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2024-05-06 11:22