A well-known cryptocurrency researcher said that Ethena (ENA) would go up by a huge 13.5% after saying it would go up 100 times during the coming altcoin season.
As of the most recent report, the price of Ethena (ENA), the protocol that runs on the Ethereum blockchain and creates a fake U.S. dollar, has gone up 13.5% in the last 24 hours, now worth $0.90. It is about to reach $1.3 billion in market value, making it the world’s 67th most significant coin.
“Ethena Volume Surges, Coincides”
Around the same time, Ethena’s (ENA) daily trading volume has grown by 22.5%, hitting $285 million. Alex Wacy, a well-known and respected person in the crypto research community, said that an altcoin season is about to start, which fits with the rise in ENA tokens and could mean big gains for some altcoins, including Ethena. The overall market value of all cryptocurrencies is $277.174 billion, which is where this rumor comes from.
According to Wacy’s predictions, about 15% of altcoins could see gains of 10x to 100x during the expected altcoin season. He specifically points to the fact that over $700 billion has been consolidated in TOTAL3, excluding Bitcoin (BTC) and Ethereum (ETH), as a sign that prices will rise. To see how ready the altcoin market is to break away from Bitcoin’s power, look at TOTAL3.
In his analysis, Wacy emphasizes Ethena as a fake dollar protocol that provides a crypto-native option to traditional banking through Internet bonds. He also talks about the upcoming ENA opening event in April 2025 and a pattern in the weekly chart that usually comes before big growth. Since altcoin season is still going on, this pattern will likely lead to a faster recovery than projects that started when the market was down.
Ethena Labs created the synthetic dollar protocol and recently got approval for a USDeFRAX liquidity pool in collaboration with Frax Finance. The goal is to increase the stabilitycoin’s return and strengthen the Ethena ecosystem.
Also, the Singularity Roadmap proposal’s approval has made it possible to create a USDeFRAX pool on the decentralized finance (DeFi) stablecoin market Curve. This pool can hold up to $250 million.
Even though most people are positive about Ethena and its environment, Andre Cronje, a developer working for Fantom, has expressed worries about the risks associated with the USDe peg system. This system, like UST, rests on collateralized positions to keep its value equal to the U.S. dollar, which has caused problems for Terra’s ecosystem in the past.
