Ethena (ENA) has surged nearly 36% in recent days, grabbing the spotlight in the crypto world. But it’s not just the numbers that have everyone talking—it’s who’s backing the token.
Arthur Hayes, the co-founder of BitMEX and a prominent figure in the crypto space, has made a bold move by pouring millions into ENA. With 16.79 million tokens worth $11.21 million now in his portfolio, Hayes is signaling major confidence in the market.
Let’s dive into the details to uncover what might be fueling this calculated bet.
According to blockchain analytics platform Lookonchain, Hayes has moved his investments from Aethir (ATH) to Ethena (ENA) over the past two days.
This major allocation of 16.79 million ENA tokens has captured the crypto community’s attention, sparking questions about his motives and ENA’s future prospects.
Although Hayes hasn’t publicly explained his reasons, speculation suggests he sees significant growth potential in ENA. This high-profile investment could boost the token’s credibility and market appeal.
Hayes’ focus on Ethena doesn’t mean he’s narrowing his investment scope. His portfolio includes other cryptocurrencies like Ethereum (ETH), FLOWER, EETH, SUSDE, and PENDLE, reflecting his diverse approach to the crypto market.
Ethena (ENA) has been performing strongly in the market recently, seeing a notable surge of around 12%, rising by $0.71. Coinglass data report that ENA’s open interest has increased by 23%, reaching $374 million. Meanwhile, liquidations have also surged to $1.29 million, with $335,000 in long liquidations and $956,000 in short liquidations.
Technical indicators suggest Ethena’s rally could continue. The Relative Strength Index (RSI) is nearing the 60 mark, indicating growing buying interest without signaling overbought conditions.
The spotlight is now firmly on Ethena. Hayes’ bet has certainly raised the stakes!
Yes, Ethena might definitely be a good investment, if you are looking to invest for the long term.
Ethena is a synthetic dollar and internet-native yield platform built on Ethereum. At the core of Ethena’s ethos lies USDe, a synthetic dollar designed to promote stability and scalability within the DeFi ecosystem.
At the time of writing, the price of 1 ENA crypto was $0.7247.
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